Vince McMahon has decided to hang up his wrestling boots in a surprising announcement
If you are a fan of professional wrestling than Friday July, 22 2022 may be a day that you thought you would never see. WWE released the news that 76-year-old Vince McMahon is retiring from professional wrestling. It was also announced that effective immediately his daughter Stephanie, and current WWE president Nick Khan will be taking over as co-CEOs. Stephanie, who has been acting as interim CEO, will also take over as chairwoman, per the McMahon statement.
The McMahon name as of late has been a part of major controversy in the midst of a Wall Street Journal report from June that the board of W.W.E. had been looking since April into a $3 million settlement that McMahon agreed to pay to an employee with whom he was said to have had an affair. The Journal also reported that the board’s investigation had older nondisclosure agreements involving claims of misconduct against Mr. McMahon and another executive. Even with those reports looming McMahon had made himself a fixture on live television.
However, today’s announcement represents a massive shift in the world of professional wrestling. McMahon has built WWE into a billion-dollar brand with a worldwide reach, a promotion that stood tall over the decades against its competition. WWE stages some 500 live events a year, and its programs are aired in 30 languages and are distributed through NBCUniversal and Fox Sports, among others. There is no doubt that McMahon is a great businessman. There's also no doubt, in the wake of his retirement he leaves behind a checkered legacy. McMahon was never foreign to scandals, amongst some was in 1994 he was accused of administering steroids to his wrestlers. A jury found McMahon not guilty. The latest scandal, the “hush money” scandal, has been reported in effecting the company's optics so it was best that McMahon walk away. Some of McMahons past scandals played a part of his allure as the “evil boss” character which has helped WWE programming rank as network television's highest rated weekly programs. WWE released this statement today on McMahon’s behalf.
"Throughout the years, it's been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you," McMahon's statement read. "I would like to thank my family for 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."
Along with the earth shattering news that McMahon is retiring 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.
"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," McMahon's statement read. "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."