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Vince McMahon retires as WWE CEO amid probes into alleged sex misconduct

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Vince McMahon attends a press conference at MetLife Stadium on February 16, 2012 in East Rutherford, Recent Jersey.

Michael N. Todaro | Getty Images

World Wrestling Entertainment CEO Vince McMahon announced Friday that he was fully retiring after a long time of leading the corporate founded by his father, a move that comes a month after WWE’s board said it was investigating allegations of sexual misconduct against him.

Earlier this month, the Wall Street Journal reported that the married McMahon had paid greater than $12 million to 4 women, all of who had been affiliated with the WWE, over the past 16 years to cover up claims of sexual misconduct and infidelity.

McMahon is by far the best-known promoter of skilled wrestling in america, following within the footsteps of his father Vince McMahon Sr., and his grandfather Jess McMahon, who were leading promoters of wrestling shows within the northeast United States.

McMahon in June had said he was stepping back from his role as CEO and chairman of Stamford, Connecticut-based WWE, while the board’s probe proceeded, installing his daughter Stephanie McMahon as interim CEO.

But he said on the time that he would retain control over creative content at the corporate, where he stays the bulk shareholder, with about 32% of its stock.

On Friday, McMahon announced that Stephanie and WWE President Nick Khan were taking on as co-CEOs, and that his daughter would turn into chairman of the corporate. McMahon also will now not have any role involving creative content.

“As I approach 77 years old, I feel it is time for me to retire as Chairman and CEO of WWE,” McMahon said in an announcement Friday.

“I would really like to thank my family for mightily contributing to our success, and I’d also wish to thank all of our past and present Superstars and employees for his or her dedication and fervour for our brand,” he said.

“Most significantly, I would really like to thank our fans for allowing us into your homes every week and being your selection of entertainment.”

WWE’s stock price didn’t markedly change in after-hours trading, which saw a low volume of shares changing hands.

On the close of standard trading Friday, WWE had a market capitalization of about $4.9 billion.

That is breaking news. Please check back for updates.

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