NEW YORK: Vince McMahon stunned the wrestling world at the weekend by announcing his immediate retirement from WWE, his departure coming amid an ongoing investigation into allegations of misconduct against the 76-year-old.
McMahon, who has owned WWE since 1982, will no longer serve as the company’s chief executive and chairman.
McMahon’s daughter, Stephanie McMahon, has been appointed WWE chairperson on a permanent basis after temporarily moving into the role last month. She will also act as the company’s co-chief executive, alongside Nick Khan.
It was also announced by WWE on Friday that McMahon’s son-in-law and Stephanie’s husband, Paul “Triple H” Levesque, was returning to the company as head of talent relations, though it was immediately unclear if that was related to McMahon retiring.
McMahon released the following statement in tghe wake of his shock announcement: “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. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of sports entertainment.
“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.”
As per Forbes estimates, WWE has a current market cap of $4.9 billion.
WWE became a publicly traded company in 1999. Its top two television shows, Raw and SmackDown, have been among the top-rated shows on cable since the 1990s.
ESPN notes that McMahon’s retirement represents a massive shift in the world of professional wrestling, where he has been a fixture since buying WWE from his father in the 1980s. McMahon built WWE into a billion-dollar brand with a worldwide reach, a promotion that stood tall over the decades against its competition.
