Vince McMahon, longtime president and chief executive officer of World Wrestling Entertainment, announced on Friday that he has retirementa month after resigning from both posts while the company’s board investigates allegations of misconduct against him.
Mr. McMahon’s daughter, Stephanie McMahon, who appoint interim chairman and chief executive officer last month, will continue to serve as chairman and co-CEO with Nick Khanwho recently served as WWE’s president and chief revenue officer, the company said in a statement statement.
Mr. McMahon will depart after The Wall Street Journal report In June, WWE’s board of directors had been reviewing since April of a $3 million settlement he agreed to pay an employee he allegedly had an affair with.
The Journal also reported that the board’s investigation had uncovered older non-disclosure agreements involving claims of misconduct against McMahon and another executive. An attorney for Mr McMahon told The Journal that the former employee did not bring allegations of harassment against him, and said that “WWE did not pay any money” to the former employee “when she left. Go”.
A representative of WWE, asked why Mr. McMahon retired, provided a link McMahon’s statement in which he mentioned his age.
Mr. McMahon took over the company, then known as Capitol Wrestling Corporation, from his father, Vince Sr., in 1982 and built it into a television and live events business while playing a starring role in entertainment. In 2008, The New York Times said many people know him as “a broad-shouldered, insulting storyteller in the ring.” Mr. McMahon has give a star on the Hollywood Walk of Fame that same year.
Headquartered in Stamford, Conn., Company report over $1 billion in revenue for 2021. WWE says it hosts around 500 live events each year and that its shows are broadcast in 30 languages and distributed through NBCUniversal and Fox Sports, in number of others.
