Vince McMahon, who has led World Wrestling Entertainment (WWE) as CEO for decades, announced his retirement from the organization on Friday amid an investigation into allegations of misconduct against him.
“At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together,” McMahon tweeted.
McMahon stepped down last month as CEO and chairman of the organization’s board temporarily as the investigation proceeded. His daughter, Stephanie McMahon, took over as interim CEO and chairwoman.
Controversy emerged in April when the board launched an investigation into allegations that McMahon had paid $3 million of his own money to a former employee to prevent her from disclosing an alleged affair they had.
The Wall Street Journal reported that the employee, who served as a paralegal, has a separation agreement preventing her from discussing the relationship. The board’s investigation also found older non-disclosure agreements pertaining to claims by former female employees of misconduct against McMahon and John Laurinaitis, who heads talent relations for WWE.
The board has also been investigating Laurinaitis.
When reached for comment, WWE directed The Hill to an extended statement on its website from McMahon.
McMahon said in the statement that Stephanie McMahon and Nick Khan, who has served as president and chief revenue officer, will serve as co-CEOs. Stephanie McMahon will continue to serve as chairwoman of the board.
“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,” he said. “Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.”
McMahon said he is “extremely confident” in the continued success of WWE as he leaves the company in the hands of “Superstars, employees, and executives.” He said he will continue to support WWE in any way he can as its majority shareholder.
McMahon purchased WWE from his father in 1982, then called the World Wrestling Foundation.