Vince McMahon Announces Retirement From WWE

Vince McMahon just made a big decision. On Friday, the 76-year-old WWE executive announced his retirement as. He previously stepped down from chairman and CEO due to the allegations against him. According to Brandon Thurston of Wrestlenomics, McMahon is retiring from all roles with WWE, including head of creative. 

"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 released by the company. "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. 

"Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. 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."  

In April, the WWE board began investigating a $3 million hush-money settlement that McMahon paid over an alleged affair with a former employee. The investigation also revealed other nondisclosure agreements, leading to McMahon and executive John Laurinaitis stepping down in June. McMahon's daughter, Stephanie, stepped in as the 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," McMahon added. "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. 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."

McMahon got his start in 1982 when he purchased Capitol Wrestling from his father. From there, he would create the top professional wrestling promotion in the world by bringing it to the mainstream and taking advantage of pay-per-view. His success led to him buying WWE's top competitor WCW in 2001, and the company has never looked back. McMahon has mixed it up in the ring, winning the WWE Championship and the Royal Rumble match in 1999.