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The success of modern professional wrestling can be credited to longtime WWE Chairman and CEO Vince McMahon.
McMahon’s impact on professional wrestling has undeniably helped the company raise the bar of professional wrestling and win the Monday Night War throughout the late 1990s and early 2000s.
However, the CEO recently decided to throw in the towel over the surfacing sexual misconduct allegations.
Vince McMahon made the announcement on Friday when he tweeted:
“At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever.”
The company then released a statement in which McMahon said it was a privilege to entertain fans for many years.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” he wrote in his 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.”
McMahon also thanked the 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.”
The CEO thanked his family and “all of our superstars and employees, past and present,” and said the company was in good hands, citing his daughter Stephanie McMahon and WWE co-CEO Nick Khan.
McMahon’s statement made no mention of the allegations.
What will happen to the company now?
On Friday, former WWE superstar Paul Levesque, better known as Triple H and husband of Stephanie McMahon, would be returning to his role as talent relations EVP with the company.
“I look forward to returning to my prior position as head of talent relations,” said Levesque.
“I’m healthy, fired up, and ready to take charge.”
Allegations of sexual misconduct
Last month, the Wall Street Journal reported that McMahon agreed to pay $3 million to a former legal assistant he sexually assaulted on the job.
McMahon is reported to have agreed to pay $1 million upfront, with the rest paid over five years.
Although reports stated he would remain WWE CEO and president, the board announced an investigation after it was revealed that he paid more than $ 12 million to four other women to conceal allegations of infidelity.
All the women were former WWE employees and signed deals with McMahon that prevented them from discussing their relationship with him in exchange for payments.
McMahon’s WWE story
Vince McMahon bought the company (then World Wrestling Federation) from his father in 1982 and held matches in small venues.
Under his supervision, the company has undergone significant changes, from a regional TV show to a national phenomenon and the launch of events like Wrestlemania.
Last year, WWE hit a record when revenue exceeded $1 billion for the first time. Yet, despite the legacy he has built, McMahon’s sexual misconduct is sure to be a thorn in his side.