Although it was inevitable, given the recent controversy surrounding him, Vince McMahon has officially retired from the WWE. McMahon, who has served as the owner and key creative force behind WWE since 1982, found himself in the crosshairs of a corporate investigation following a slew of sexual misconduct allegations. As it stands, McMahon paid north of $12 Million dollars in hush money to four different women over the last decade. After the Wall Street Journal broke the story, McMahon vowed to cooperate with a further investigation by WWE's board of directors and step down from his position as CEO while still retaining his creative control over WWE's content.
McMahon's retirement sent shockwaves through both the professional wrestling and television worlds. Scandals and copious misdeeds aside, McMahon is arguably the most successful and influential promoter of all time. McMahon pioneered cable television rights fees in the 80s and developed the pay-per-view model. Following his retirement, WWE announced that McMahon would relinquish his position as CEO to his daughter Stephanie McMahon and Nick Khan.
The most important person in the history of professional wrestling is handing over the reins.
Vince McMahon is retiring as World Wrestling Entertainment chairman and CEO, he announced Friday. In a WWE news release, the 76-year-old McMahon further announced that his daughter, Stephanie, and current WWE president Nick Khan will be taking over as co-CEOs. Stephanie McMahon, who has been acting as interim CEO, will also take over as chairwoman, per the McMahon statement.
McMahon had previously stepped down from his role as chairman and CEO in the wake of a Wall Street Journal report that revealed a WWE board investigation into a secret $3 million settlement given by McMahon to a former WWE paralegal. But at the time, McMahon still kept his role as the head of WWE creative, and sources told ESPN that McMahon's stepping down was done for optics.