The most important person in the history of professional wrestling is handing over the reins.
Vince McMahon is retiring as World Wrestling Entertainment chairman and CEO, he announced Friday. In a WWE news release, the 76-year-old McMahon further announced that his daughter, Stephanie, and current WWE president Nick Khan will be taking over as co-CEOs. Stephanie, who has been acting as interim CEO, will also take over as chairwoman, per the McMahon 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,» McMahon's statement read. «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.»
The announcement comes as a major surprise — and McMahon's retirement represents a massive shift in the world of professional wrestling, where he has been a fixture since buying WWE from his father in the 1980s. McMahon built WWE into a billion-dollar brand with a worldwide reach, a promotion that stood tall over the decades against its competition. However, on June 17, McMahon stepped down from his role as chairman and CEO in the wake of a Wall Street Journal report that revealed a WWE board investigation into a secret $3 million settlement given by McMahon to a former WWE paralegal. Stephanie took over as interim CEO.
But at the time, McMahon still kept his role as the head of WWE creative, and sources told ESPN that McMahon's stepping down was done for optics. The
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