Vince McMahon retires as WWE CEO following sexual misconduct investigation

Vince McMahon attends a news conference at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.

Michael N. Todaro | beautiful pictures

World wrestling entertainment Chief Executive Officer Vince McMahon announced Friday that he is retiring completely after decades leading the company founded by his father, a move that follows WWE’s board of directors in June said it was investigating allegations of sexual misconduct against him.

Earlier this month, The Wall Street Journal reported that Married McMahon paid over $12 million to four womenall of whom have been associated with WWE, for the past 16 years, to cover up allegations of sexual misconduct and infidelity.

McMahon is by far the most popular promoter of professional wrestling in the United States, following in the footsteps of his father Vince McMahon Sr., and his grandfather Jess McMahon, who has long led shows. wrestling in the northeastern United States.

In June, McMahon said he would be stepping down from his role as CEO and President of WWE based in Stamford, Connecticut, while the board’s investigation proceeds, bringing in his daughter Stephanie McMahon acting as interim CEO.

But at the time, he said he would retain control of creative content at the company, where he remains a majority shareholder, with about a 32 percent stake in the company.

On Friday, McMahon announced that Stephanie and WWE President Nick Khan will take over as co-CEOs and that his daughter will become president of the company. McMahon will also no longer have any creative content-related roles.

“As I approach 77 years old, I feel the time has come for me to retire as the Chairman and CEO of WWE,” McMahon said in a statement.

“I want to thank my family for their enormous contribution to our success, and I also want to thank all of our past and present Superstars and employees for their dedication and passion. their passion for our brand,” he said.

“Most importantly, I want to thank our fans for allowing us to come to your home every week and be your entertainment choice.”

McMahon’s wife, Linda, a former WWE CEO, served as head of the Small Business Administration under the President. Donald Trump from 2017 to 2019.

Trump is the WWE Hall of Fame, who was inducted and before becoming president participated in wrestling shows organized by the company.

In 2007, at WrestleMania 23 in Detroit, Trump and McMahon chose a wrestler to “fight” on their behalf in a match dubbed the “Battle of the Billionaires.”

After Trump’s wrestler, Bobby Lashley, McMahon’s single move Umaga, Trump used an electric trimmer to shave McMahon’s head.

Following Vince McMahon’s retirement announcement, WWE’s stock price was unchanged in after-hours trading, which saw a small amount of shares change hands.

At the end of Friday’s regular trading session, WWE had a market capitalization of about $4.9 billion.

– Additional reporting by CNBC Alex Sherman

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