LOUISVILLE, Ky. (WDRB) -- After recently stepping down as CEO of World Wrestling Entertainment, Vince McMahon announced his retirement from WWE on Friday.
A report earlier this month said McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together. #WWE #thankful
— Vince McMahon (@VinceMcMahon) July 22, 2022
"As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE," McMahon said in a statement. "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."
The Wall Street Journal report called that amount significantly larger than previously known. The Journal says four women formerly affiliated with WWE signed agreements with McMahon that bar them from discussing their relationships with him.
McMahon stepped down as CEO of WWE in mid-June, when the Journal reported he had agreed to pay $3 million to a former paralegal who accused him of sexual harassment on the job. There was no immediate response to messages left with a WWE spokesperson seeking comment on the report.
In the last 40 years McMahon grew the WWE from a regional wrestling company to a publicly traded multi-media conglomerate. He coined the phrase "sports entertainment" and diversified the company's portfolio to include a films division, merchandising and a streaming network among other ventures.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” McMahon said. “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.
A McMahon will say at the helm of the company. WWE’s board of directors appointed McMahon’s daughter Stephanie McMahon as interim CEO last month. She will now serve Chairwoman and Co-CEO alongside company executive Nick Khan.
Vince McMahon will maintain his position as majority shareholder in WWE.
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