Vince McMahon Retires: WWE Chairman/CEO Resigns For Good As Board Investigates Silence Case

STAMFORD, Conn. — Vince McMahon, president and CEO of sports entertainment giant WWE, said he is stepping down from his role a month after announcing he would step down amid an investigation into alleged payouts of silent money to several extra-marital partners.

“As I approach 77, I feel it is time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement released Friday.

The executive, who is also the company’s on-air creative product figurehead, did not directly mention continuing the ongoing investigation into his alleged misconduct.

The video above is from a June 17, 2022 report about McMahon stepping down from his leadership roles.

In June, Vince’s daughter and WWE executive Stephanie McMahon was named to serve as president and CEO of her father.

Vince McMahon’s statement on Friday announces Stephanie as one of his permanent successors.

“I am extremely confident in the continued success of WWE, and I leave our company in the able hands of an extraordinary group of Superstars, employees and executives – in particular, Chairman and Co-CEO Stephanie McMahon and the co-CEO Nick Khan,” McMahon’s statement read.

McMahon ended his statement by indicating that he was not necessarily ending his relationship with the business he originally acquired from his father four decades ago.

“As 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 over the years,” concluded McMahon.

Vince, whose wife Linda McMahon served as administrator of the Small Business Administration under Pres. Trump, was the subject of a Wall Street Journal report about a secret $3 million settlement with a former employee, who was hired as a paralegal in 2019.

The Journal report describes a separation agreement, which was signed in January, intended to prevent the former employee from discussing her relationship with McMahon or making derogatory comments about her. An email sent to WWE board members on March 30 says McMahon, 76, hired the former staffer, 41, with a salary of $100,000 and then gave him a increase of $200,000 after the alleged sexual relationship with her began.

Since the report, the Journal has revealed additional payments to other women over the past 16 years, totaling more than $12 million.

Four women – all formerly affiliated with WWE – have signed agreements with McMahon that prevent them from discussing their relationships with him, the Journal reported, citing people familiar with the agreements and the documents it reviewed.

The Associated Press contributed to this report.

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