Vince McMahon Announces Retirement From WWE

STAMFORD, CT — Vince McMahon, the longtime chairman and CEO of World Wrestling Entertainment, announced on Friday that he is retiring after decades in the professional wrestling business.

"As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. 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 said in a news release.

McMahon went on to thank his family, WWE wrestlers and employees, along with the millions of WWE fans around the globe.

"I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment," he said.

McMahon purchased the company in the early 1980s from his father, Vincent J. McMahon, and helped bring wrestling and sports entertainment to new heights.

But the past few months have been turbulent for McMahon, who stepped down from his role as the head of the company last month following a Wall Street Journal report that the WWE's board was investigating McMahon for "a secret $3 million settlement" he agreed to pay to a former employee "with whom he allegedly had an affair."

In the days after, the WSJ also reported that McMahon reportedly paid more than $12 million to multiple women in order to silence allegations of sexual misconduct and infidelity

McMahon's daughter, Stephanie, who recently announced a leave of absence from the Stamford-based company, was named interim CEO and chairwoman.

"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. 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 said.

"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. Then. Now. Forever. Together."

The news of McMahon's retirement came several hours after WWE announced that effective immediately, Paul "Triple H" Levesque will serve as executive vice president, talent relations.

Levesque, who is married to Stephanie McMahon, took time away from the company last year after he underwent a heart procedure in September 2021. He had been serving as the head of NXT, WWE's training ground for up-and-coming wrestlers.