NEW YORK — World Wrestling Entertainment impresario Vince McMahon announced Friday that he is retiring amid an investigation into alleged wrongdoing by the flamboyant showman who transformed a small wrestling company into a global entertainment company.
In a brief statement from WWE, McMahon said he was retiring as the company’s Chairman and CEO. He noted that he remains the controlling shareholder.
McMahon temporarily stepped down as CEO and chairman of WWE in mid-June amid an investigation into alleged misconduct. Earlier this month, The Wall Street Journal reported McMahon agreed to pay more than $12 million over the past 16 years to quash allegations of sexual misconduct and infidelity.
“At 77, it’s time for me to retire. Thank you WWE Universe. At that time. Now. Forever. Together… WWE. grateful,” he wrote on Twitter.
The statement from the Stamford, Connecticut-based company made no mention of the investigation. McMahon said his daughter Stephanie, who was named interim CEO and chairman last month, will serve as chairman and share CEO responsibilities with Nick Khan, who joined the company in 2020.
“Our global audience can have peace of mind knowing that WWE will continue to entertain you with the same passion, dedication and passion as always,” he wrote in the statement, thanking generations of WWE fans around the world.
McMahon resigned from the top positions for the first time last month after the Journal reported at the time that he had agreed to pay $3 million to a former paralegal who said he had sexually harassed her at work. He would continue to oversee WWE’s creative content during the company’s investigation. But then the newspaper reported that McMahon had agreed to pay the much larger sum of $12 million.
Four women — all former WWE members — signed agreements with McMahon preventing them from discussing their relationships with him, the Journal reported, citing people familiar with the deals and documents it reviewed. McMahon said he was cooperating with the company’s investigation.
McMahon has been the leader and most recognizable face in WWE for decades. When he bought what was then the World Wrestling Federation from his father in 1982, wrestling matches were held in small venues and appeared on local cable channels.
The organization experienced a seismic transformation under McMahon with events like WrestleMania, a premium live production that draws millions of avid viewers.
Revenue last year surpassed $1 billion for the first time, and the company has signed television deals with Fox and NBCUniversal. Last month it announced a multi-year expansion of its original programming partnership with A&E.
WWE stars have become crossover sensations including Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.