Vince McMahon retires as WWE’s chief executive

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.