Many wrestling fans believed that there would be No Chance in Hell that they would ever see the day that Chairman and CEO of World Wrestling Entertainment (WWE)Vince McMahonwould hang up the proverbial boots. Well, it seems that the day has finally come as the 77-year-old has announced that he will be retiring from WWE amidst an ongoing investigation of misconduct by the company’s board of directors.
The shocking announcement came in the form of a statement on WWE’scorporate websitewhere McMahon explained that it was time to step away as well as thanked his family, the wrestlers, and the fans. The statement reads:
As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. 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. 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.
He concluded his statement by also confirming that his daughterStephanie McMahonand WWE PresidentNick Khanwould serve as co-CEOs as he departs from the company. Stephanie will also take the role of Chairwoman.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.
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Stephanie started serving as interim Chairwoman and CEO back in June when her father announced that he would be stepping back from these roles in the fallout of a report byThe Wall Street Journalthat he had paid a total of $12 million as part of agreements with multiple women to keep quiet about alleged affairs and misconduct. While stepping down from these positions, Vince retains his role as the head of the company’s creative, though this retirement will also him stepping away from this position as well.
Vince McMahon is a third-generation wrestling promoter who took control of the WWE, which was at the time the WWF, from his father, Vince McMahon Sr. in 1982. In the 40 years since, has taken the wrestling company and turned it into a global phenomenon, introducing major events like the yearly WrestleMania show that punched its way into pop culture. He played a large part in the company’s success both behind the scenes as well as an on-screen talent as the villainous Mr. McMahon, whose rivalry with Stone Cold Steve Austin played a pivotal role in the company’s “Attitude Era” of the late 1990s.
