The main person throughout the entire existence of professional wrestling is giving over control. Vince McMahon is resigning as World Wrestling Entertainment director and CEO, he announced the news on Friday. In a WWE news release, the 77 years old, Vince McMahon further announced that his daughter Stephanie and current WWE president Nick Khan will be taking over as co-CEOs. Stephanie McMahon, who has been going about as interim CEO, will likewise take over as chairwoman, per Vince McMahon’s statement.
Vince McMahon had recently ventured down from his role as director and CEO following a Wall Street Journal report that revealed a WWE board investigation concerning a mystery $3 million settlement given by Vince McMahon to a previous WWE paralegal. However, at that point, Vince McMahon kept his role as the head of WWE creative, and sources told ESPN that Vince McMahon’s stepping down was finished for optics.
Vince McMahon is Retiring
Vince McMahon, CEO and executive of World Wrestling Entertainment reported his retirement on Friday at 77 years old. In a tweet posted in the late evening, Vince McMahon expressed ‘At 77, time for me to retire.’ He then, at that point, said thanks to the WWE universe. The announcement comes a month after McMahon ventured down from his duties amid charges that the CEO settled up to $12 million in quiet cash to previous employees.
‘All through the years it’s been an honour to assist WWE with giving you pleasure, rouse you, thrill you, shock you, and consistently engage you,’ McMahon said in a corporate statement. He proceeded to thank his family, the current and previous superstars who have wrestled for the company, and the fans for permitting the WWE into their homes consistently.
‘Our worldwide crowd can relax because knowing WWE will keep on engaging you with a similar enthusiasm, commitment, energy as usual,” said McMahon. ‘I’m very certain about the proceeded with the outcome of the WWE and I leave our company in the skilled hands of a phenomenal gathering of Superstars, workers, and executives specifically, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. I will keep on supporting WWE in any capacity that I would be able. My gratitude to the community and colleagues, investors, and the Board of Directors for their direction and backing as the years progressed. Then. Now. Until the end of time. Together.
Investigation Against McMahon
McMahon is being examined by WWE’s board of directors over charges that he’d paid a large number of dollars to different ladies in return for their silence in regards to his relationship and unfortunate behaviour. While the investigation was progressing, the long-lasting WWE boss ventured down from his role as director and CEO. The company’s leader Nick Khan and McMahon’s daughter Stephanie McMahon will act as the new head of the company.
Vince McMahon purchased what was once known as the WWWF from his dad, Vince McMahon Sr., in 1982. He changed the name to the WWF, which it was known as until 2002, and constructed a worldwide brand that has been observed week after week in a large number of homes and features lucrative compensation per-view events, like Wrestlemania.
In the latest financial year, the company revealed record incomes of $1.1 billion, to some degree because of the arrival of an enormous scope of public events as the Covid pandemic wound down.