At the age of 77, Vince McMahon is retiring from his duties at WWE.
WWE pushed out a press release to announce that Vince McMahon is retiring as Chairman and CEO of the company:
STAMFORD, Conn.–(BUSINESS WIRE)– Vince McMahon today released the following statement:
“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.
“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.”
— Vince McMahon (@VinceMcMahon) July 22, 2022
This comes as McMahon is being investigated by the Board of Directors for a secret settlement deal that was made with a former employee. There was a separation agreement worth $3 million involving a former paralegal who engaged in a sexual relationship with McMahon.
It was also uncovered that McMahon agreed to pay over $12 million in cover-ups involving four women. In addition to that, there was a $7.5 million deal with a former WWE wrestler who alleged that McMahon coerced her into giving him oral sex before she was demoted.