WWE Founder, CEO Vince McMahon Retires: What You Need to Know – CNET [CNET]

The move comes as WWE’s board of directors was investigating McMahon over allegations of sexual misconduct.

Vince McMahon, the founder and CEO of World Wrestling Entertainment, announced his retirement Friday. After years of declaring he’d “die in the chair” rather than step down from his duties as CEO and chairman, McMahon said in a Friday tweet that it was “time for me to retire.” 

“At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together,” the tweet reads, referencing the “then, now, forever, together” slogan that plays at the beginning of all WWE programming. 

“I am extremely confident in the continued success of WWE,” McMahon said in a subsequent public statement, “and I leave our company in the capable hands of an extraordinary group of superstars, employees and executives — in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can.”  

In a memo to talent, McMahon reportedly wrote, “I won’t be with you, but I’ll be watching.” 

Though McMahon’s announcement linked his retirement with age — he turns 77 in August — it comes amid investigations by the company’s board over alleged sexual misconduct. Recent expose pieces from The Wall Street Journal revealed that McMahon has paid more than $12 million to four different women associated with the WWE to suppress allegations of sexual misconduct.

The Journal first reported that McMahon hired a woman to the company’s legal team and then allegedly began a sexual relationship with her and doubled her salary from $100,000 to $200,000. McMahon then paid a reported $3 million in hush money to the woman, the Journal reported. 

As the board of directors investigated the case for improper use of company funds — though the $3 million in hush money was McMahon’s, the salary was WWE’s money — the Journal released a report detailing three more instances of McMahon paying to suppress allegations of misconduct, including $7.5 million to a former wrestler who alleged that McMahon had coerced her into a sexual act and then declined to renew her contract after subsequent sexual advances were rebuffed. 

.@VinceMcMahon, You’ve Made My Life Better Every Day Since I’ve Been In The Wrestling Business. You’re The Only Promoter In My Career That Treated Me Like A Man, Respected Who I Was, And Made Me A Better Person. God Bless You For All You’ve Done. FYI- No One Can Follow Your Act. pic.twitter.com/EGR1Wmkhzr

— Ric Flair® (@RicFlairNatrBoy) July 22, 2022

Since stepping down as CEO in June, McMahon has still retained full creative control of WWE’s product. With Friday’s announcement, McMahon relinquishes all official duties with the company, though he remains WWE’s controlling shareholder. In his place, his daughter Stephanie McMahon will run the company as chairwoman and co-CEO along with fellow co-CEO Nick Khan.

The retirement of Vince McMahon may go down as the most historic day in professional wrestling history. McMahon is responsible for the nationalization and globalization of professional wrestling in the ’80s and ’90s. Before McMahon, there were popular wrestling promotions scattered all across the US. McMahon’s WWF, which became WWE in 2001 after a lawsuit was filed by the World Wide Fund for Nature (WWF) for rights to the name, became the first wrestling promotion to tackle a national US audience. 

Out of that ambition came WrestleMania, the biggest annual event in the industry, and wrestling stars that reached global fame. Some, like Stone Cold Steve Austin and Hulk Hogan, became world-renowned for their pro wrestling careers, while others, like Dwayne “The Rock” Johnson and Dave “Batista” Bautista, were able to use the company as a launchpad into successful Hollywood careers. 

Stephanie McMahon opened Friday’s SmackDown show after news of her father’s retirement. “Since Vince had the opportunity to thank us, I think this is the opportunity that we take to thank him,” she said to the Boston crowd before leading a “thank you, Vince” chant.

Industry response to McMahon’s retirement has been mixed. Some have wondered if McMahon’s decision presages yet more exposes from the Journal, while several wrestlers have tweeted out thanks to McMahon. 

Perhaps the prevailing response has been surprise. McMahon has been synonymous with the WWE and pro wrestling for the past three decades, and on several occasions said he’d never retire. Dutch Mantell, a wrestling veteran who worked for the WWE as recently as 2016, spoke for many on his Friday podcast: “Hell has frozen over. That’s basically what’s happened.” 

WWE didn’t immediately respond to a request for comment.

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