Vince McMahon announced his retirement from WWE as President and CEO

Vince McMahon announced Friday that he will retire as president and CEO of WWE.

McMahon is under investigation by the company’s board of directors for allegedly paying former WWE employees to remain silent on affairs and sexual misconduct. News of the allegations first broke on June 15 via a report by the Wall Street Journal.

On WWE’s corporate website, the 77-year-old released a statement saying he felt it was time to step away from WWE. He thanked his family and past and present superstars and fans in his message. He also said that the company will support it going forward.

“I am 77 years old and feel it is time for me to retire as President and CEO of WWE. Over the years, it has been a privilege to help WWE delight you, inspire you, excite you, surprise you and always entertain you. I’d like to thank my family for their huge contribution to our success, and thank all of our past and present superstars and employees for their dedication and passion for our brand.”

“Most importantly, I want to thank our fans for letting us into your homes and choosing your entertainment every week. Our generation of fans around the world have loved, loved, and sometimes even loved our sports entertainment.”

“Our global audience can take comfort in knowing that WWE will continue to entertain you with the same excitement, dedication and passion as always. I have great confidence in WWE’s continued success, and the Superstars, staff and executives, President and Co-CEO Stephanie McMahon and Co-CEO Nick Kahn “I leave our company in the capable hands of a talented team of two. As the majority shareholder, I will 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. Then. Now. Always. Together,” said McMahon.

Upon McMahon’s departure, his daughter Stephanie McMahon and Nick Khan will serve as co-CEOs of WWE.

— Ends —

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