Vince McMahon stood down after more than four decades in charge of the WWE last month amid allegations of sexual misconduct, now the 76-year-old has decided it's time to retire; his daughter Stephanie McMahon takes over as Co-CEO on a full-time basis along with Nick Khan
Friday 22 July 2022 23:09, UK
Vince McMahon has announced his immediate retirement after more than four decades in charge of the company now known as WWE.
The 76-year-old stepped back last month from his role as CEO and chair of WWE amid allegations that he'd paid millions of dollars to various women in exchange for silence over relationships and misconduct.
WWE's board of directors launched a special committee to probe the alleged misconduct by Vince McMahon and head of talent relations John Laurinaitis.
Vince's daughter Stephanie McMahon stepped in to serve as interim CEO and interim chair after he stepped back and will now take over on a full-time basis alongside Co-CEO Nick Khan.
He released a statement saying: "As I approach 77 years old, I feel it's time for me to retire as Chairman and CEO of WWE. Throughout the years, it's been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand.
"Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.
"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervour, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan.
"As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together."
Vince McMahon and wife Linda McMahon founded the company now known as WWE back in 1980 and turned it into a global media empire.
It will now continue in the hands of their daughter and Khan as the investigation into the alleged misconduct continues.
