Vince McMahon Retires from WWE
He was the boss, big cheese, head honcho, high muck-a-muck, top dog, man upstairs, taskmaster, ringleader and kingpin all rolled into one. Since purchasing Capitol Wrestling Co. from his father in 1982, The now seemingly former Chairman has built his empire ruthlessly and efficiently.
In a brief statement issued by WWE, McMahon said he was retiring as the company’s chairman and chief executive. He noted that he remained its majority shareholder.
“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 stepped down in June during an investigation into alleged misconduct.
This came after the Wall Street Journal reported agreed to pay $3 million USD ($4.3 million AUD) to a former paralegal who said he allegedly sexually harassed her on the job.
In July, the Wall Street Journal followed up with another report claiming McMahon agreed to pay more than $12 million USD ($17.3 million AUD) over the past 16 years to suppress allegations of sexual misconduct and infidelity to four women.
During the 1980s, Mr. McMahon transformed WWE from a regionally-run business into a national juggernaut, bringing wrestling into the mainstream and pioneering the use of pay-per-views in the process. In the 1990s, he launched the ever-popular Attitude Era, highlighted by his legendary rivalry with “Stone Cold” Steve Austin. By 2001, he purchased rival WCW, and ever since, he’s entertained the WWE Universe in more ways that can be counted, clashing with D-Generation X, Randy Orton, Bret Hart, and even his own children, Shane and Stephanie.
McMahon’s been blown up, buried beneath an exploding stage, shaved bald and revealed as Hornswoggle’s illegitimate father. He’s given away millions of his own money, locked lips with Rikishi’s posterior and withstood the pain of being relieved of his day-to-day duties by his own son-in-law, Triple H, and WWE’s Board of Directors. Whether in the boardroom or the ring, this titan of industry is belligerent, cocky and always spoiling for a fight.