Vince McMahon, the charismatic showman who turned a modest wrestling organization into a major global entertainment force, has announced his retirement amid an inquiry into alleged misbehavior involving him.
Amidst an investigation into alleged wrongdoing by the flamboyant showman who turned a modest wrestling organization into a global entertainment enterprise, World Wrestling Entertainment mogul Vince McMahon announced his retirement on Friday.
McMahon announced his resignation as WWE’s chairman and CEO in a brief statement. He stated that he is still the company’s largest shareholder.
Midway through June, while an investigation into allegations of misbehavior was ongoing, McMahon temporarily resigned as WWE’s CEO and chairman. The Wall Street Journal revealed earlier this month that McMahon had consented to pay more than $12 million over the previous 16 years to settle sexual misconduct and adultery claims.
It’s time for me to retire at 77. You’re welcome, WWE Universe. Then and now Forever. Together.” he tweeted.
The Stamford, Connecticut-based company’s statement made no mention of the probe. Nick Khan, who joined the company in 2020, will split CEO duties with McMahon’s daughter Stephanie, who was designated interim CEO and chairperson last month.
He thanked WWE’s generations of fans around the world in the statement, saying, “Our worldwide audience can take heart in knowing WWE will continue to thrill you with the same enthusiasm, dedication, and passion as always.”
The Journal stated at the time that McMahon had agreed to pay $3 million to a former paralegal who claimed he sexually harassed her on the job. As a result, McMahon initially resigned from the top positions last month. During the company’s investigation, he was meant to keep managing WWE’s creative material. Then, however, the newspaper revealed that McMahon had consented to pay the far higher amount of $12 million.
According to the Journal, which cited sources familiar with the transactions and documents it examined, four women, all of whom were once associated with WWE, signed agreements with McMahon prohibiting them from revealing their connections with him. According to McMahon, he is helping the business with its inquiry.
For many years, McMahon has served as WWE’s president and most famous face. In 1982, when he bought the World Wrestling Federation from his father, matches were held in modest facilities and shown on regional cable networks.
WrestleMania, a high-end live production that attracts millions of ardent spectators, is one of the events that helped the organization under McMahon undergo a seismic transition.
For the first time, the company’s revenue in 2017 exceeded $1 billion, and it has television deals with Fox and NBCUniversal. It recently announced an extension of its original programming collaboration with A&E over several years.
WWE superstars like Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin, and John Cena have achieved crossover success.
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