Vince McMahon, the chairman and CEO of Stamford-headquartered WWE, has announced his retirement while the company continues to investigate allegations that he paid four former female employees more than $12 million over 16 years to gain their silence over allegations of sexual misconduct and infidelity.
In a statement issued by the company, McMahon made no mention of the scandal that was first reported in the Wall Street Journal.
“As I approach 77 years old, I feel it”™s time for me to retire as Chairman and CEO of WWE,” McMahon said in the statement. “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,” he added, “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.”
McMahon”™s daughter Stephanie McMahon, who was named interim chairwoman and CEO when her father stepped aside when the investigation began, was named in the statement as becoming chairwoman and co-CEO, sharing chief executive duties with Nick Khan. But McMahon added he was not walking away completely from the company.
“As the majority shareholder, I will continue to support WWE in any way I can,” he added.
