Vince Mcmahon Controversy: World Wrestling Entertainment’s longstanding chairman and CEO, Vince McMahon, made his retirement from the organization official today at the age of 77. Due to a scandal, he had temporarily left the company’s leadership. The board of directors of WWE is looking into accusations that Vince McMahon paid several women millions of dollars to keep quiet about relationships and inappropriate behavior.
In a statement released by the Stamford, Connecticut-based business, McMahon stated that his daughter, Stephanie McMahon, will serve as chairperson and co-CEO. McMahon’s departure is effective immediately. Nick Khan, the other co-CEO, joins WWE from CAA in 2020.
— Vince McMahon (@VinceMcMahon) July 22, 2022
In the early 1980s, McMahon took over the WWE from his father and transformed it into a worldwide media empire with lucrative partnerships with NBCUniversal and Fox in the United States as well as money for streaming rights and other rights all over the world. It signed a billion-dollar agreement to have NBCU’s Peacock acquire its streaming service last year.
Following the investigation’s disclosure, he made an appearance at the outset of Fox’s WWE Friday Night SmackDown, which helped the show’s ratings as viewers eagerly anticipated his response to the scandal. He did not. WrestleMania, Monday Night Raw, and WWE NXT are among the shows on the schedule. WWE Studios creates and produces documentaries, films, and TV shows, both scripted and unscripted.
On the NYSE, WWE stock is traded openly. The shares are trading slightly higher in after-hours trade at little under 1 percent, or approximately $70. He is the largest stakeholder in the business.
The WWE board was looking into McMahon, according to a June Wall Street Journal article, for a covert $3 million deal with a former employee with whom he reportedly had an affair. Later, the business validated the information and declared that it was also investigating into any misbehavior on the part of John Laurinaitis, head of talent relations for WWE. Stephanie McMahon was then designated as temporary. The WSJ published another article in July claiming that McMahon had given four women $12 million in hush money.
Here’s his complete statement
“I feel it’s time for me to step down as Chairman and CEO of WWE as I near 77 years old. It has been an honor over the years to work with WWE to make you happy, inspire you, delight you, surprise you, and always keep you entertained. I want to congratulate my family for making a significant contribution to our success as well as all of our Superstars—past and present—and staff members for their enthusiasm and commitment to our company.
Most of all, I want to thank our audience for inviting us into their homes each week and choosing us as your entertainment. I have the utmost respect and regard for the generations of fans we have throughout the globe who have enjoyed our kind of sports entertainment in the past, do so now, and occasionally even adore it. WWE will continue to thrill you with the same enthusiasm, devotion, and passion as always, our worldwide audience can rest easy.
I have complete faith that WWE will continue to succeed, and I pass over the reins to a remarkable team of Superstars, employees, and executives, including Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. I will continue to help WWE in every manner I can as the main stakeholder. My sincere gratitude to our shareholders, corporate and community partners, board of directors, and staff for their leadership and support throughout the years. Then, now, always, and together.