Vince McMahon Announces Departure From WWE Amid Controversy

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Vince McMahon, who recently stepped down as CEO of WWE after a flurry of allegations of misconduct, announced his retirement from WWE.

“When I turn 77, I feel it is time for me to step down as Chairman and CEO of WWE,” McMahon said in a statement.

The Rock, Vince McMahon, John Cena and Michael Cole attend the press conference for WrestleMania 29 at the Radio City Music Hall on April 4, 2013 in New York City.

The Rock, Vince McMahon, John Cena and Michael Cole attend the press conference for WrestleMania 29 at the Radio City Music Hall on April 4, 2013 in New York City.
(Taylor Hill/Getty Images)

“Over the years it has been my privilege to help WWE bring you joy, inspire, excite, surprise and always entertain you. I would like to thank my family for being a huge contributor 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 letting us into their homes every week and choosing entertainment.”

NETFLIX FORCES DOCUMENTARY ABOUT VINC McMahon AFTER $12 MILLION SEX OFFENSES.

In a statement McMahon announced that his daughterStephanie will become co-CEO alongside current WWE President Nick Hahn.

Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will take place at MetLife Stadium in East Rutherford, New Jersey.

Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will take place at MetLife Stadium in East Rutherford, New Jersey.
(Michael N. Todaro/Getty Images)

“Our global audience can take comfort in knowing that WWE will continue to entertain you with the same zeal, dedication and passion as ever,” the statement said. notably Chairman and Co-CEO Stephanie McMahon and Co-CEO Nick Hahn.

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“As a majority shareholder, I will continue to support WWE in every way possible. My personal thanks to our community and business partners, shareholders and board of directors for their guidance and support over the years. Then. Now. Forever and ever. Together. “

WWE Chairman and CEO Vince McMahon speaks at the WWE Network press conference at CES 2014 International at the Encore Theater in Wynn Las Vegas in January.  August 8, 2014 in Las Vegas.

WWE Chairman and CEO Vince McMahon speaks at the WWE Network press conference at CES 2014 International at the Encore Theater in Wynn Las Vegas in January. August 8, 2014 in Las Vegas.
(Ethan Miller/Getty Images)

McMahon’s retirement comes in the wake of a July Wall Street Journal report stating that McMahon paid over $12 million over the past 16 years to “suppress allegations of sexual harassment and infidelity”.

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McMahon bought the company from his father. in 1982 and built it into the billion dollar brand it is today.

This is breaking news. Keep for updates.