McMahon announces retirement as WWE chairman, CEO

Embattled World Wrestling Entertainment founder Vince McMahon announced his retirement as chairman and CEO on Friday.

The announcement comes in the wake of multiple Wall Street Journal reports, including the most recent that alleges McMahon paid out $12 million to cover up instances of “sexual misconduct and infidelity” over a period of 16 years.

"As I approach 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE,” McMahon said in a 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, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.”

According to a July 8 report, a former WWE wrestler claimed that McMahon coerced her into performing oral sex and then chose to not renew her contract in 2005 when she rejected further sexual advances. The report says that the WWE settled with the performer in 2018 for a payment of $7.5 million.

McMahon had already stepped away from his dual role of chairman and CEO amid a company investigation into the initial WSJ report in June that alleged the nearly 77-year-old McMahon had paid a former employee $3 million to hide an affair.

"I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation," McMahon said in a statement at the time. "I have also pledged to accept the findings and outcome of the investigation, whatever they are."

Stephanie McMahon, the 45-year-old daughter of McMahon who had recently stepped away from the company, returned last month to assume her father’s duties. The elder McMahon remained on in his role as the head of creative for WWE.

A native of Pinehurst, N.C., McMahon purchased his father’s World Wide Wrestling Federation (WWWF) in 1982 and expanded the product nationally, enjoying unprecedented success throughout the ‘80s with the “Rock ‘n’ Wrestling” era led by the likes of Hulk Hogan and “Macho Man” Randy Savage.

A dip in fortunes in the early 1990s was overcome with the advent of the “Attitude Era” in the later part of the decade with the emergence of “Stone Cold” Steve Austin, Dwayne “The Rock” Johnson and Mick Foley as three of the company’s top stars with the WWE winning the “Monday Night Wars” and purchasing its main competition, Ted Turner’s World Championship Wrestling, in 2001.

McMahon himself became an on-screen character during this period, the brash “Mr. McMahon,” an evil boss who bragged about his sexual exploits and became the foil for the beer-drinking, everyman Austin.

The WWE ran almost unopposed on the national stage for nearly two decades until the advent of Tony Khan’s All Elite Wrestling in 2019, which quickly became the No. 2 pro wrestling company in North America.

McMahon’s on-screen appearances have become more sporadic in recent years. He made three quick appearances on television during June after the initial WSJ report, most recently an appearance on the June 27 edition of the company’s flagship Monday Night RAW program to introduce the return of superstar John Cena to mark his 20 years with the company.

McMahon owns a reported 37.6 per cent of the company’s total shares.