WWE Shake Up: Vince McMahon Retires — Read His Statement

Vince McMahon

Vince McMahon announced today he was retiring as chairman and CEO of WWE. The news was announced via the 77-year-old’s Twitter account and confirmed by the company.

Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you,” he said in a company release, confirming the news. “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. 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. Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always.”

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Stephanie McMahon is named interim CEO and chairwoman.

He went on to say he is confident in the success of WWE, leaving the company in capable hands. The longtime head and visionary confirmed Stephanie McMahon and Nick Khan as Co-CEOs. Stephanie McMahon stepped in acting as interim CEO and chairwoman amid her father’s investigation by the board of directors for misconduct claims against him. Up until now, the often controversial figure still maintained his responsibilities as head of creative, even appearing on shows after the allegations came out.

The corporate shakeup started after the Wall Street Journal reported Vince McMahon had paid more than $12 million in hush money to four women to cover up “allegations of sexual misconduct and infidelity. Although he seemingly plans to retire, the statement confirms Vince will stay the majority shareholder. Hours earlier, Paul “Triple H” Levesque was named executive vice president of talent relations.

This marks an end of an era for the sports entertainment titan, who took the company over for his father Vincent J. McMahon, and in the 40 or so years since, turned the business into a billion-dollar global juggernaut.