Vince McMahon, the longtime head of Word Wrestling Entertainment (NYSE: WWE), is retiring.
The announcement comes just weeks after the Stamford, Connecticut-based company disclosed an investigation into his alleged sexual misconduct against former WWE employees.
Here's McMahon's prepared statement (per Variety):
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. 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. 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.”
WWE president Nick Khan and McMahon's daughter, Stephanie McMahon, have been named co-CEOs.
Separately, WWE confirmed that Paul Levesque — McMahon's son-in-law, the wrestler who goes by the ring name Triple H — will resume his executive position as EVP, Talent Relations.
"I look forward to returning to my prior position as head of Talent Relations. I'm healthy, fired up, and ready to take charge," said Levesque.
What's Next: Right now WWE is reportedly valued at roughly $5 billion and rumors have swirled that Khan was preparing the company for a sale. After all, the WWE board of directors has been working with legal counsel Simpson Thacher & Bartlett (also a top M&A firm) to investigate the claims against McMahon, which were detailed in the Wall Street Journal (WSJ) on June 15 and July 8.
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