Vince McMahon is out.
The longtime WWE CEO announced his retirement Friday after facing multiple allegations of misconduct. He shared the news in a tweet, which was confirmed in a statement from the company.
"As I approach 77 years old, I feel it's time for me to retire as chairman and CEO of WWE," McMahon 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 Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
SUBSCRIBE & SAVE
Sign up for The Week's Free Newsletters
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.
Latest Videos FromThe Week
McMahon served as CEO of WWE since 1982 but stepped aside from the position in June after The Wall Street Journal reported the company's board was investigating a secret hush money payment made to an employee with whom he allegedly had an affair. McMahon has since been accused of paying over $12 million to four women to suppress allegations of misconduct, the Journal said.
In one case, the Journal reported that McMahon paid $7.5 million to a former wrestler he allegedly coerced into giving him oral sex; he allegedly declined to renew her contract after she resisted additional sexual encounters. McMahon also reportedly paid $1 million to a WWE contractor who alleged he sent her unsolicited nude photos. McMahon's retirement came before the board's investigation was completed.
McMahon's daughter, Stephanie McMahon, became interim CEO when he initially stepped aside. On Friday, he said Stephanie McMahon and Nick Khan will serve as co-CEOs going forward.
"I am extremely confident in the continued success of WWE," McMahon said, adding that "as the majority shareholder, I will continue to support WWE in any way I can."
