World Wrestling Entertainment’s longtime chairman and CEO, Vince McMahon, announced his retirement from the organisation on Friday.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement.
“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,” he added. “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.”
In 1982, Vince bought the business from his father, Vincent J. McMahon, and has since served as the brand’s figurehead.
Vince was the mastermind behind the “Attitude Era” in the 1990s, which enabled Superstars like The Undertaker, Kane, The Rock, Stone Cold Steve Austin, Triple H, Chyna, and others to become well-known.
WrestleMania, which just held its 38th edition this past April, was also created by the billionaire.
In 2001, McMahon acquired World Championship Wrestling, the main rival of WWE, making his organization the most powerful in the industry.
Vince has left his position as chairman and CEO in the midst of an inquiry into alleged misbehaviour. Stephanie, his daughter, was appointed as the interim chairwoman and CEO.
A report that McMahon allegedly agreed to pay $12 million in “hush money” to 4 different women over a 16-year period in order for them to keep their ties with him private prompted the investigation.