Vince McMahon, the promoter who has built a pro wrestling show into a global entertainment empire, announced Friday that he is stepping down as head of World Wrestling Entertainment – amid a cloud of serious sexual misconduct allegations.
McMahon, whose friends include former US President Donald Trump, eventually became a figure in his own wrestling promotions and even launched an NFL rival – his over-the-top XFL.
“As I approach 77 years of age, I feel it is time to retire as Chairman and CEO of WWE,” McMahon said in a statement. “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 resigned from his roles in WWE last month pending the results of an internal investigation into allegations that he had an affair with an employee, paying her $3 million to keep the matter under wraps.
His daughter Stephanie has been named interim CEO and chairman while the ongoing investigation into misconduct continues.
The Wall Street Journal reported two weeks ago that McMahon has paid more than $12 million over the past 16 years to four women formerly associated with WWE to keep silent about affairs and alleged wrongdoing, including a former wrestler who claims he forced her to perform oral sex.
After taking over from his father, McMahon delivered a unique and colorful brand of wrestling and took the sport worldwide by recruiting the likes of Hulk Hogan – who became a megastar well beyond his ring appearances.
WWE wrestlers became cultural icons when McMahon used music and storytelling to introduce his stars to mainstream culture and hosted major events like the inaugural Wrestlemania in 1985 at New York’s Madison Square Garden.
From humble beginnings, WWE has grown into a publicly traded global company with hundreds of employees in offices around the world.
McMahon also has longstanding ties to Trump: At the height of a staged feud, Trump once punched the WWE boss and shaved his head in the middle of a wrestling ring on live television.
McMahon thanked his family, staff and cast members for building the success of WWE and for their dedication and passion.
“Most importantly, I want to thank our fans for letting us into their homes and being their choice of entertainment each week,” McMahon said, promising that WWE will continue to deliver its unique brand of thrills.
“Our global audience can have peace of mind knowing that WWE will continue to entertain you with the same passion, dedication and passion it has always had,” said McMahon.
McMahon said he is leaving the company in the hands of daughter Stephanie and co-CEO Nick Khan.
“As the controlling shareholder, I will continue to support WWE in any way I can,” he said.
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