WWE Chairman and CEO Vince McMahon retires amid investigation

World Wrestling Entertainment (WWE) chairman and CEO Vince McMahon announced his retirement on Friday amid an investigation into his alleged improprieties while sitting as head of the sports entertainment giant.

The 76-year-old McMahon, set to turn 77 next month, will be succeeded by his daughter Stephanie McMahon, who will serve as chairwoman and co-CEO. WWE president Nick Khan will also serve as co-CEO of the company.

McMahon, who has presided over the company for decades and built the WWE into an internationally-known, billion-dollar company, will be stepping away while WWE’s board is investigating settlements made amounting to over $12 million over the past 16 years to suppress allegations of sexual misconduct, as reported by The Wall Street Journal.

At 77, time for me to retire.
Thank you, WWE Universe.
Then. Now. Forever. Together. #WWE #thankful

— Vince McMahon (@VinceMcMahon) July 22, 2022

According to the report, payouts were made to four women formerly affiliated with WWE, with allegations including infidelity, sending of unsolicited nude photos, and even coercion of sexual acts.

McMahon is one of the most prominent figures in professional wrestling. He purchased the WWE from his father in the 1980s and grew the company from a regional promotion to a national one, transforming the industry. The WWE would later become a publicly-traded company.

He is also well-known as an on-screen character in WWE shows, particularly in the late 90s, where he portrayed himself as an evil boss figure, often against popular fan favorite “Stone Cold” Steve Austin.

—JMB, GMA News