Vince McMahon Officially Retires from WWE, Stephanie McMahon takes charge
WWE’s CEO and Chairman Vince McMahon, who is 77 years old and set to step down from his position this weekend, announced his retirement on Friday. When McMahon released a tweet at the end of the day saying, “At 77, time for me to retire.” Then he thanked everyone in the WWE for their support.
It comes a month after McMahon stepped down as CEO amid claims that he paid former workers $12 million in hush money.
“Throughout the years it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you,” stated McMahon in an official statement.
He continued by thanking his family, as well as the current and previous WWE superstars and fans, for letting the company inside their homes each week.
“Our global audience can take comfort in knowing WWE will will continue to entertain you with the same fervor, dedication, passion as always,” said McMahon. “I am extremely confident in the continued success of the WWE and I leave our company in the capable hands of an extraordinary group of Superstars, employees, executives — in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. I will continue to support WWE in any way that I can. My personal thanks to the community and business partners, shareholders, and the Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”
Vince McMahon’s WWE board of directors is looking into allegations that McMahon paid millions of dollars in exchange for women’s silence about his relationships and misconduct. Former WWE chairman and CEO Vince McMahon resigned while the investigation was ongoing. They will be replaced as CEOs by Nick Khan and Stephanie McMahon, McMahon’s daughter.
In 1982, McMahon purchased the WWWF from his father, Vince McMahon Sr., and renamed it the World Wrestling Federation. To better reflect the WWF’s global reach and lucrative pay-per-view events like Wrestlemania, he renamed the company WWF, which it retained until 2002.
Large-scale public events returned in recent fiscal years as the coronavirus pandemic subsided, contributing to the company’s record revenues of $1.1 billion.