WWE CEO Vince McMahon announces retirement

Vince McMahon, the chairman and CEO of World Wrestling Entertainment, announced his retirement Friday, weeks after he stepped back from his role with the company amid an investigation into alleged misconduct.

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McMahon announced his decision in a post on social media.

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” he said in a statement released Friday by the WWE. “Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.”

McMahon bought the precursor to the WWE from his father in 1982 and grew it into a sports entertainment phenomenon known across the globe. The organization underwent a seismic transformation under McMahon with events like WrestleMania, a premium live production that draws millions of fervent viewers.

“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” he said Friday. “I am extremely confident in the continued success of WWE, 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.”

McMahon “voluntarily stepped back” from his responsibilities as CEO and chairman of WWE last month amid an investigation by the company into alleged misconduct by him and John Laurinaitis, a former wrestler who serves as the WWE’s head of talent relations. The company did not detail the allegations.

Earlier in July, The Wall Street Journal reported that McMahon allegedly paid more than $12 million over the past 16 years to cover up allegations of sexual misconduct, citing documents and unidentified sources. Four women — all formerly affiliated with WWE — signed agreements with McMahon, 76, that bar them from discussing their relationships with him, the Journal reported.

The Associated Press contributed to this report.

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