World Wrestling Entertainment CEO and WWE Owner Vince McMahon announced his retirement on Friday at the age of 77. In a tweet posted late afternoon, McMahon said that “at age 77, it’s time for me to retire.” He then thanked the WWE Universe.
The announcement comes a month after McMahon stepped down from his role amid allegations the CEO paid former employees up to $12 million. World Wrestling Entertainment CEO and President Vince McMahon died Friday at age 77 and announced his retirement. In a tweet posted late afternoon, McMahon said that “at age 77, it’s time for me to retire.” He then thanked the WWE Universe.
At 77, time for me to retire.
Thank you, WWE Universe.
Then. Now. Forever. Together. #WWE #thankful— Vince McMahon (@VinceMcMahon) July 22, 2022
WWE Owner Vince McMahon announced his retirement
Few CEOs are as attached to a product as McMahon is to Pro Wrestling. He appears frequently on WWE broadcasts and is said to have had almost complete control over the script and storyline.
The announcement comes a month after WWE Owner Vince McMahon resigned from his role, amid allegations the CEO paid former employees up to $12 million.
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“Over the years, WWE has had the privilege of helping you cheer, inspire you, thrill you, surprise you and always entertain you,” McMahon said in a corporate statement.
He thanked his family, current and former superstars who wrestled for the company, and thanked the fans for allowing WWE to visit their homes every week.
“Our global audience can take comfort in knowing that WWE will continue to entertain you with the same excitement, dedication, and passion as before,” McMahon said. “I am extremely confident in the continued success of WWE and leave our company in the capable hands of an extraordinary group of superstars, employees, and executives – in particular, both President and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. I will continue to support WWE in any way I can. My personal thanks to the community and business partners, shareholders, and the board of directors for their guidance and support then now forever together.”
WWE Owner Vince McMahon is being investigated by the WWE Board of Directors over allegations that he paid millions of dollars to various women in exchange for keeping quiet about his affairs and misconduct. While the investigation was ongoing, the longtime WWE boss stepped down from his role as chairman and CEO. Company President Nick Khan and McMahon’s daughter Stephanie McMahon will serve as the new heads of the company.
McMahon bought what was then known as the WWWF from his father, Vince McMahon Sr., in 1982. They changed the name to the WWF, as they were known by 2002, and created a global brand that is viewed by the millions weekly. Attractive pay-per-view events in homes and facilities, such as WrestleMania.
In the most recent fiscal year, the company reported a record revenue of $1.1 billion, thanks in part to a return to large-scale public events as the coronavirus pandemic subsided.
