The Register Citizen (Torrington, CT)
McMahon cites age in choice to leave WWE
STAMFORD — Vince McMahon, the chairman and CEO of World Wrestling Entertainment, is retiring.
The longtime face of the Stamford-based company sent out a statement Friday afternoon announcing his retirement.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” he said. “Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.”
The announcement comes just a month after McMahon stepped back as the company’s chairman and CEO during an investigation into alleged misconduct. The company started the probe after the Wall Street Journal reported McMahon agreed to pay more than $12 million to four women in the past 16 years to keep secret allegations of sexual misconduct and infidelity.
He continued to oversee WWE’s creative content during the investigation, while his daughter, Stephanie McMahon, took over as the interim CEO and chairwoman during the investigation.
“I would like to thank my family for mightily contributing to our success,” McMahon’s statement said. “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,” he said.
Vince McMahon bought the company, then called World Wrestling Federation, from his father in 1982, according to the Associated
Press.
Under McMahon, WWE has become a sports entertainment powerhouse, drawing in international viewers for its annual WrestleMania and breaking company revenue records.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” he continued. “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,” he concluded.
The Wall Street Journal reported last month about WWE’s board investigating a purported $3 million hush agreement reached in January
between McMahon and a former WWE paralegal with whom he allegedly had an affair.
The board is also looking into allegations that WWE’s head of talent relations, John Laurinaitis, had a sexual relationship with the same former paralegal. Additionally, the board is examining a $1.5 million nondisclosure agreement from 2012 with an employee related to misconduct allegations against Laurinaitis, according to the Wall Street Journal.
McMahon is married to Linda McMahon, WWE’s former CEO. His wife ran twice unsuccessfully for U.S. Senate and later served as Small Business Administration administrator during President Donald Trump’s administration.