HIGH POINT, N.C. (WGHP) — Longtime CEO of WWE Vince McMahon announced his retirement via his personal Twitter on Friday afternoon.
“At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together,” said McMahon in the tweet.
McMahon purchased the company from his father in 1982 and turned it into a global phenomenon and multi-billion dollar industry.
McMahon said in a statement that his daughter Stephanie and current WWE president Nick Khan over will take as co-CEOs of the company.
Read McMahon’s full statement below:
“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. 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.
“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. 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 first stepped away from his role with WWE in June after the Board of Directors announced an investigation into alleged misconduct by McMahon and head of talent relations John Laurinaitis.
“I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” said McMahon at the time.
“I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings,” said Stephanie McMahon.
After McMahon stepped away, more allegations were published in a Wall Street Journal article claiming that McMahon had paid numerous women for their silence in misconduct allegations over the past two decades.
One of the women is a former WWE wrestler who alleges that McMahon coerced her into giving him oral sex.
That same woman also alleges that McMahon refused to renew her contract with the company in 2005 after she refused to continue their sexual relationship. McMahon is said to have eventually negotiated a $7.5 million settlement for her silence.
In other allegations, a WWE contractor says McMahon sent her unsolicited nude photos and harassed her sexually while she was performing her duties. A $1 million settlement was reportedly reached in 2008.
An additional $1 million dollar payment was allegedly made to a former WWE manager who claimed to have had a sexual relationship with McMahon.
There has yet to be any confirmation on the result of the WWE’s investigation at the time of McMahon’s retirement.