World Wrestling Entertainment (WWE) executive Vince McMahon announced his retirement Friday.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of 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,” he said in a statement published on the company website explaining his decision.
At 77, time for me to retire.
Thank you, WWE Universe.
Then. Now. Forever. Together. #WWE #thankful— Vince McMahon (@VinceMcMahon) July 22, 2022
McMahon went on to express appreciation for his family, WWE employees and its fans, according to the statement. He added that he will remain involved with the company as its majority shareholder.
“As the majority shareholder, I will continue to support WWE in any way I can,” he said in the statement. “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.”
McMahon’s retirement comes about a month after The Wall Street Journal reported the WWE board was investigating him over accusations of a $3 million settlement with a former employee to cover-up an alleged affair. He agreed to step down as CEO after the allegations emerged, leaving his daughter, Stephanie, to assume the role of intern CEO and chairwoman.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” he said in a June statement published on the WWE website.
McMahon was later found to have allegedly provided hush payments of over $12 million to four women over 16 years, according to The WSJ. All four women were affiliated with WWE and signed agreements to prevent them from speaking out, the outlet reported. (RELATED: Vince McMahon Reportedly Paid $12,000,000 To Silence Four Women)
McMahon had led WWE since buying it from his father for about $1 million in 1982, according to talkSPORT. The next year, WWE left the National Wrestling Alliance and began to sign feature stars such as Hulk Hogan, the report continued.
During his time with WWE, McMahon served as its main executive, broadcaster and on-air talent, according to The New York Post.