The most important person in the history of professional wrestling hands over the reins. Vince McMahon is stepping down as Chairman and CEO of WWE, it was announced Friday.
In a WWE press release, McMahon, 76, further announced that his daughter Stephanie and current WWE Chairman Nick Khan would serve as co-CEOs. Stephanie, who served as interim CEO, will also serve as president, according to McMahon.
“Over the years it has been a privilege to help WWE bring you joy, inspire you, excite you, surprise you and always entertain you,” McMahon’s statement said. “I want to thank my family for being a tremendous contributor to our success, and I also want to thank all of our Superstars and employees, past and present, for their dedication and passion for our brand. Most importantly, I want to thank our fans for letting us in their homes each week and be their choice of entertainment.
At 77, it’s time for me to retire.
Thank you WWE Universe.
Then. Now. Forever. Together. #WWE #thankful— Vince McMahon (@VinceMcMahon) July 22, 2022
The announcement comes as a huge surprise, and McMahon’s retirement represents a massive shift in the world of professional wrestling, in which he has been a fixture since he bought WWE from his father in the 1980s. McMahon has grown WWE to a billion-dollar Dollar brand with a global reach, a move that has held its own against the competition for decades.
However, the past few months have been difficult for the Executive Branch and WWE. On June 17, McMahon resigned from his role as Chairman and CEO after a Wall Street Journal report revealed an investigation by the WWE Board of Directors into a secret $3 million payment by McMahon to a former WWE attorney. Stephanie took over as interim CEO.
But at the time, McMahon was still maintaining his role as WWE’s chief creative officer, and sources told ESPN that McMahon’s resignation was more for visual appeal. The statement made to WWE investors on Friday has a lot more finality.
“I have great confidence in the continued success of WWE and leave our company in the capable hands of an exceptional group of Superstars, employees and leaders, most notably President and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. said the statement. McMahon’s statement: “As a controlling shareholder, I will continue to support WWE in any way I can. My personal thanks go to our community and business partners, shareholders and the board for their guidance and support over the years.”
WWE also announced Friday that McMahon’s son-in-law and Stephanie’s husband, Paul “Triple H” Levesque, would be returning to the company as head of talent relations, although it wasn’t immediately clear if this was related to McMahon’s retirement. The Wall Street Journal followed suit on July 8 with another report on McMahon’s alleged misconduct. The newspaper reported that the board was investigating $12 million paid to four former WWE employees or contractors to silence allegations of sexual misconduct by McMahon.
The $12 million reportedly included $7.5 million to a former WWE wrestler who claimed McMahon forced oral sex on her, demoted her and then not renewed her contract in 2005 after resisting further sexual encounters with him would have.
McMahon leaves behind a complicated legacy of scandals, including allegations that he supplied his wrestlers with steroids, which were imposed on him by the United States government in 1994. A jury found McMahon not guilty.
In the late 1990s, McMahon, who also spent years on camera as a broadcaster, became a key on-screen figure during one of the hottest times in WWE history. His evil boss, Mr. McMahon, taking on working class anti-hero “Stone Cold” Steve Austin is one of the most memorable storylines in WWE history. The rivalry helped WWE surpass rival WCW, the rival promotion WWE later bought.
WWE’s two major television shows, Raw and SmackDown, have been among the top-rated cable shows since the 1990s.