WWE's McMahon says he is retiring amid misconduct probe
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Vince McMahon, the owner of World Wrestling Entertainment, announced his retirement on Friday amid an investigation into alleged misconduct.
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WWE’s McMahon says he is retiring amid misconduct probe.
Wrestling impresario Vince McMahon announced his retirement on Friday, amid an investigation into alleged misconduct involving the flamboyant showman who turned a small wrestling company into a global entertainment business.
McMahon announced his retirement as WWE's chairman and CEO in a brief statement. He stated that he is still the company's majority shareholder.
During an investigation into alleged misconduct, McMahon stepped down temporarily as WWE's CEO and chairman in mid-June. The Wall Street Journal reported earlier this month that McMahon agreed to pay more than $12 million over the past 16 years to settle allegations of sexual misconduct and infidelity.
“At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together. #WWE #thankful,” he wrote on Twitter.
The investigation was not mentioned in a statement issued by the Stamford, Connecticut-based company. McMahon's daughter Stephanie, who was named interim CEO and chairperson last month, will serve as chairperson and share CEO duties with Nick Khan, who joined the company in 2020, according to the WWE founder's statement.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” he wrote in the statement, thanking WWE’s generations of fans all over the world.
McMahon stepped down from the top positions for the first time last month, after the Journal reported that he had agreed to pay $3 million to a former paralegal who claimed he sexually harassed her on the job. During the company's investigation, he was supposed to continue overseeing WWE's creative content. However, the newspaper later reported that McMahon had agreed to pay a much larger sum of $12 million.
