WWE Chairman and CEO Vince McMahon has announced on Twitter that he is retiring at 77 years of age. A recent scandal involving payments involving sexual misconduct allegations led to him stepping down from the WWE board. The payments were in the millions of dollars. When he stepped down his daughter Stephanie McMahon and WWE President Nick Khan served as co-CEOs of the company. They will continue to do so after the announcement. Despite stepping down he remains the largest shareholder of the publicly traded company. The third-generation wrestling promoter took over WWE, then WWF from his father in the 1980s. He took the company to new heights in his tenure.
— Vince McMahon (@VinceMcMahon) July 22, 2022
In a prepared statement about his retirement, Vince McMahon had the following to say: “Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. 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. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”
— WWE on FOX (@WWEonFOX) July 22, 2022
This announcement will likely send shockwaves through the wrestling, business, and media worlds over the coming weeks and months. Vince McMahon is a titan of the industry and helped promote professional wrestling to what it is today. The end of an era is upon WWE and the wrestling world. We here at Def Pen Sports will continue to update on any further developments should they happen.