Vince McMahon the longstanding CEO and Chairman of World Wrestling Entertainemnet Inc (WWE) has announced that he is retiring from his roles at the company.
The longstanding sachem of WWE has recently been embroiled in controversy and stepped away from his roles about a month ago due to an investigation into his alleged misconduct.
McMahon, 76, was being investigated by his own board for agreements to pay $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Street Journal had previously reported.
Last month he pledged to support WWE’s investigation but did not address the issue while announcing his departure from the company.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” the departing company chief said in a statement
“As the majority shareholder, I will continue to support WWE in any way I can.”
While the company continues to look for a replacement, it is general consensus that his daughter Stephanie McMahon will continue in the role on an interim basis after stepping in to fill the shoes in June while its weekly programming “Raw” and “Smackdown” will continue ahead as planned.
Vince McMahon retiring from WWE is a monumental occasion for those familiar with the business of sports entertainment. He is credited with turning a fledgling company in the 1980s into a global juggernaut with about $1 billion in revenue in 2021.
He used scripted matches, celebrities, and glitz to make the brand more acceptable to television audiences while toning down the “aggression” aspect to make it more palatable for younger audiences. He also created the concept of pay-per-view matches for bigger events such as “WrestleMania” to build its revenue base.
The biggest names associated with wrestling including Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin, Hulk Hogan, The Undertaker, and John Cena all came with McMahon at the helm.
But his reign was marred by controversy as well with the company coming under scrutiny for steroid use meriting an investigation before his own misconduct issue finally brought his time to an end.
