The man who has sat atop the wrestling industry is now stepping down. That’s right, Vincent Kennedy McMahon aka Vince McMahon has announced that he is retiring from WWE in his roles as Chairman and CEO.
This shocking news comes amid the ongoing investigations into the allegations that he paid out millions of dollars to multiple women to keep quiet about alleged affairs and misconduct. According to The Wall Street Journal, it was reported that he ended up paying a total of $12 million as part of those agreements.
The following was sent out as part of a statement from McMahon;
“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.”
Also in his statement, McMahon also goes on to name his daughter Stephanie McMahon and WWE President Nick Khan will be serving as Co-CEOs with Stephanie also taking on the duties as the Chairwoman. Along with this news, we also find out that McMahon’s son-in-law and Stephanie’s husband, Paul “Triple H” Levesque, will be returning to the company as the Head of Talent Relations. McMahon still remains the WWE’s biggest shareholder.
The departure of McMahon in his role in the industry will no doubt be felt in the years to come. Especially for future of the WWE brand.[Source: ESPN]