McMahon announces retirement as WWE chairman, CEO

Embattled World Wrestling Entertainment founder Vince McMahon announced his retirement as chairman and CEO on Friday.

The announcement comes in the wake of multiple Wall Street Journal reports, including the most recent that alleges McMahon paid out $12 million to cover up instances of “sexual misconduct and infidelity” over a period of 16 years.

"As I approach 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE,” McMahon said in a statement. “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.”

According to a July 8 report, a former WWE wrestler claimed that McMahon coerced her into performing oral sex and then chose to not renew her contract in 2005 when she rejected further sexual advances. The report says that the WWE settled with the performer in 2018 for a payment of $7.5 million.

McMahon had already stepped away from his dual role of chairman and CEO amid a company investigation into the initial WSJ report in June that alleged the nearly 77-year-old McMahon had paid a former employee $3 million to hide an affair.

"I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation," McMahon said in a statement at the time. "I have also pledged to accept the findings and outcome of the