Vince McMahon announces retirement from WWE amid probe over sexual misconduct allegations
Vince McMahon has announced he will be retiring as the CEO and the chairman of the World Wrestling Entertainment (WWE) amid the ongoing probe against him over allegations of sexual misconduct. McMahon had earlier stepped down from his posts temporarily after a report in the Wall Street Journal claimed he had agreed to pay over $12 million in hush money to multiple women in order to keep them quiet about his sexual misconduct.
Several former WWE employees/wrestlers have levelled sexual misconduct allegations against the former WWE chairman and CEO. McMahon had purchased the company in 1982 from his father and played an instrumental role in turning it into a multi-million dollar empire with a staggering fan base across the globe. The company was known as the World Wrestling Federation (WWF) back then.
Since taking charge, McMahon drove the revenues of the company towards an upward trajectory by introducing events like Wrestlemania and Royal Rumble among others. He also made superstars out of several wrestlers by backing them through thick and thin and giving them a platform to shine.
In a statement released by the WWE, 77-year-old McMahon said he feels it's time for him to retire but he will continue to be the majority shareholder in the company. His daughter Stephanie McMahon, who had taken charge as the interim CEO when McMahon stepped down from his post temporarily, will now serve as the chairperson of the company and will share the CEO post with Nick Khan.
“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,” McMahon said in a statement shared by WWE.
McMahon had first stepped down from his post temporarily after it was reported that he paid $3 million to a former unnamed female employee of the WWE to keep his affair private with her. In a fresh report by the Wall Street Journal earlier this month, it was claimed that McMahon also paid a total of $12 million to four different women to keep them silent about his sexual misconduct in the company.
WWE has already announced that it is conducting an investigation into the matter and the probe is currently still ongoing. Meanwhile, McMahon had earlier assured that he will continue to fully cooperate with the investigation panel which is probing his case.k,cf