Vince McMahon announced his retirement from World Wrestling Entertainment Inc. on Friday, officially leaving the company that he built into the world’s most powerful wrestling organization over four decades. “As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon wrote in a news release Friday afternoon that consisted just of two paragraphs of quotes from him.
McMahon has been embattled of late, taking a leave of absence from the helm of WWE
amid reports that he had an affair with a worker and paid millions in hush money to cover it up. McMahon’s daughter, Stephanie McMahon, had taken over his position on an interim basis, and will now be permanent co-chief executive of the company with Nick Khan, who had been serving as president. The WWE had launched an internal probe on the matter. “I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan,” Vince McMahon wrote in his statement. “As the majority shareholder, I will continue to support WWE in any way I can.”