Vince McMahon Officially Retires From WWE

It's the end of an era for World Wrestling Entertainment. Vince McMahon has announced he will officially step down as chairman and CEO of WWE. The news comes in the midst of an ongoing investigation into allegations of affairs and misconduct, which includes millions of dollars reportedly paid out to multiple women over the years. The Wall Street Journal reported on these allegations earlier this year.

McMahon released the following statement regarding his retirement: "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."

Vince McMahon initially worked for the World Wrestling Federation under his father. In the 1980s, he assumed control of the company and turned it into a global media empire. This entailed lucrative deals with various broadcasting networks to air matches around the globe. In fact, in April 2021, it was announced WWE inked a billion-dollar deal to have its streaming network absorbed into Peacock, which would give the streamer exclusive access to WWE events (via CNBC). In front of the camera, he was Mr. McMahon, a parody of himself who was the big, evil boss taking other wrestlers to task with his cocky walk and boisterous attitude. 

While McMahon's stepping down from his duties, he will stay on as majority shareholder. Later in his statement, McMahon announced that his daughter, Stephanie McMahon, will serve as Co-CEO as well as chairwoman. Nick Khan will function as Co-CEO alongside her. His statement concludes with, "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." On the same day, it also came out that Stephanie McMahon's husband, Paul "Triple H" Levesque, would take on duties as Executive Vice President of Talent Relations. 

All this may come as a shock to wrestling fans, many of whom likely never thought they'd see the day when McMahon retired.