Vince McMahon is calling it a career.
WWE issued a new statement on behalf of Vince McMahon, announcing he has officially decided to step away and retire from his role as Chairman and CEO of the company. In his statement, McMahon noted that Stephanie McMahon will continue to serve as Chairwoman, while she and Nick Khan will both serve as Co-CEO.
From Vince McMahon:
“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 fervor, 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.”
According to Brandon Thurston of Wrestlenomics, Vince McMahon has retired from all roles in WWE, including from his creative duties within the company.
Vince McMahon’s retirement comes after a Wall Street Journal investigation alleged that he paid millions of dollars to multiple women to stay silent about affairs. In total, McMahon was said to have paid $12 million to the women, including a $7.5 million agreement with a former wrestler who “alleged that Mr. McMahon coerced her into giving him oral sex and then demoted her and, ultimately, declined to renew her contract in 2005 after she resisted further sexual encounters.” In addition to allegations against Vince McMahon, the WWE board is also investigating misconduct claims against John Laurinaitis, who was named in The Journal’s June report.
Laurinaitis was placed on administrative leave, and Vince McMahon stepped down from his responsibilities as the CEO and Chairman of WWE on June 17. Stephanie McMahon returned from her own leave of absence to serve as interim CEO and Chairwoman while the investigation into Vince McMahon took place.