World Wrestling Entertainment’s longtime chairman and CEO, Vince McMahon, made his retirement from the organisation official today at the age of 77. Due to a scandal, he had temporarily left the company’s leadership.
The board of directors of WWE is looking into allegations that Vince McMahon paid numerous women millions of dollars to keep quiet about relationships and inappropriate behaviour.
In a statement released by the Stamford, Connecticut-based business, McMahon stated that his daughter, Stephanie McMahon, will serve as chairperson and co-CEO. McMahon’s departure is effective immediately. Nick Khan, the other co-CEO, joins WWE from CAA in 2020.
In the early 1980s, McMahon took over the WWE from his father and transformed it into a global media empire with lucrative deals with NBCUniversal and Fox in the United States as well as money for streaming rights and other rights all over the world. It signed a billion-dollar agreement to have NBCU’s Peacock acquire its streaming service last year.
Following the investigation’s disclosure, he made an appearance at the outset of Fox’s WWE Friday Night SmackDown, which helped the show’s ratings as viewers eagerly anticipated his response to the scandal. He did not. WrestleMania, Monday Night Raw, and WWE NXT are among the shows on the schedule. WWE Studios creates and produces documentaries, films, and TV shows, both scripted and unscripted.
On the NYSE, WWE stock is traded openly. The shares are trading slightly higher in after-hours trade at just under 1 percent, or approximately $70. He is the largest shareholder in the business.
The WWE board was looking into McMahon, according to a June Wall Street Journal report, for a covert $3 million deal with a former employee with whom he allegedly had an affair. Later, the business validated the information and declared that it was also investigating into any misbehaviour on the part of John Laurinaitis, head of talent relations for WWE. Stephanie McMahon was then designated as temporary.
The WSJ published another article in July claiming that McMahon had given four women $12 million in hush money.
Here is his whole declaration.
“I feel it’s time for me to step down as Chairman and CEO of WWE as I near 77 years old. It has been an honour over the years to work with WWE to make you happy, inspire you, delight you, surprise you, and always keep you entertained. I want to congratulate my family for making a significant contribution to our success as well as all of our Superstars—past and present—and staff members for their passion and commitment to our company.
Most of all, I want to thank our audience for inviting us into their homes each week and choosing us as your entertainment. I have the utmost respect and regard for the generations of fans we have throughout the globe who have enjoyed our brand of sports entertainment in the past, do so now, and occasionally even adore it.
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WWE will continue to thrill you with the same enthusiasm, dedication, and passion as always, our global audience can rest easy. I have complete faith that WWE will continue to succeed, and I pass over the reins to a remarkable team of Superstars, employees, and executives, including Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. I will continue to help WWE in every manner I can as the main stakeholder. My sincere gratitude to our shareholders, corporate and community partners, board of directors, and staff for their leadership and support over the years. Then, now, always, and together.