World Wrestling Leisure’s Vince McMahon mentioned on Friday he would retire as the corporate’s chief govt and chairman, a couple of month after stepping again from these roles resulting from an investigation into his alleged misconduct.
McMahon, 76, was being investigated by the board for agreements to pay $12 million over the previous 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Road Journal had beforehand reported.
McMahon final month pledged to help WWE’s investigation. He didn’t tackle the probe in Friday’s assertion.
WWE, which produces and distributes weekly wrestling exhibits “Uncooked” and “Smackdown”, named his daughter, Stephanie McMahon, because the interim head in June.
Vince McMahon has been the powerhouse behind the wrestling leisure firm, remodeling it from a regional participant in a extremely fragmented trade of the 1980s to a world big, with about $1 billion in income in 2021.
He used scripted matches, celeb wrestlers and glitz to make the model extra acceptable to tv audiences and created the idea of pay-per-view matches for greater occasions reminiscent of “WrestleMania” to construct its income base.
The corporate was additionally dogged by controversies beneath his stewardship, together with prices of steroid use.
“Our international viewers can take consolation in understanding WWE will proceed to entertain you with the identical fervor, dedication, and keenness as all the time,” the departing firm chief mentioned in a press release.
“As the bulk shareholder, I’ll proceed to help WWE in any means I can.”
McMahon was the highest trending matter on Twitter in the US, with many WWE followers expressing shock on the sudden announcement.
WWE declined to touch upon McMahon’s retirement and didn’t reply to requests for remark concerning the probe.
The corporate’s shares are up 34% for the 12 months because it advantages from the return of audiences at its stay occasions.