Vince McMahon retires as WWE CEO after sexual misbehavior probe

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Vince McMahon participates in an interview at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.

Michael N. Todaro|Getty Images

World Wrestling Entertainment CEO Vince McMahon revealed Friday that he was completely retiring after years of leading the business established by his dad, a relocation that follows WWE’s board stated in June it was examining accusations of sexual misbehavior versus him.

Earlier this month, The Wall Street Journal reported that the married McMahon had actually paid more than $12 million to 4 females, all of who had actually been connected with the WWE, over the past 16 years to cover claims of sexual misbehavior and adultery.

McMahon is without a doubt the best-known promoter of expert fumbling in the United States, following in the steps of his dad Vince McMahon Sr., and his grandpa Jess McMahon, who long were leading promoters of fumbling programs in the northeast United States.

McMahon in June had actually stated he was going back from his function as CEO and chairman of Stamford, Connecticut- based WWE, while the board’s probe continued, installing his child Stephanie McMahon as interim CEO.

But he stated at the time that he would keep control over imaginative material at the business, where he stays the bulk investor, with about 32% of its stock.

On Friday, McMahon revealed that Stephanie and WWE President Nick Khan were taking control of as co-CEOs, which his child would end up being chairman of the business. McMahon likewise will no longer have any function including imaginative material.

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon stated in a declaration.

“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,” he stated.

“Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.”

McMahon’s partner Linda, a previous WWE CEO herself, functioned as head of the Small Business Administration under then-President Donald Trump from 2017 through 2019.

Trump is a WWE Hall of Fame conscript. Before ending up being president, he took part in fumbling reveals placed on by the business.

In 2007, at WrestleMania 23 in Detroit, Trump and McMahon selected a wrestler each to “fight” on their behalf in what was called “The Battle of the Billionaires.”

After Trump’s wrestler, Bobby Lashley, bested McMahon’s proxy, Umaga, Trump utilized electrical clippers to shave McMahon’s head.

On the heels of Vince McMahon’s retirement statement, WWE’s stock rate did not noticeably alter in after-hours trading, which saw a low volume of shares altering hands.

At the close of routine trading Friday, WWE had a market capitalization of about $4.9 billion.

– Additional reporting by CNBC’s Alex Sherman

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