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#pounditThursday, December 8, 2022

Vince McMahon makes huge announcement amid hush money scandal

A portrait of Vince McMahon

Jan 18, 2018; Stamford, CT, USA; WWE founder and chairman Vince McMahon poses for a portrait photo. McMahon announced that the XFL will re-launch in 2020. Mandatory Credit: Craig Ambrosio/Handout Photo via USA TODAY Sports

Vince McMahon is walking away from World Wrestling Entertainment amid his sexual misconduct scandal.

McMahon announced on Friday that he has retired as chairman and CEO of WWE, effective immediately. He cited his age as the primary reason for the decision and said he is “extremely confident in the continued success of WWE.” McMahon’s daughter, Stephanie McMahon, will remain chairwoman and co-CEO along with co-CEO Nick Khan.

McMahon said he will remain the majority shareholder of WWE, so he is essentially just stepping down from day-to-day operations. You can read the full statement below:

The major announcement comes roughly a month after WWE announced that a special committee of its Board of Directors is conducting an investigation into an alleged hush money payment that was made by McMahon. A Wall Street Journal report revealed that McMahon reached a secret $3 million settlement with a former WWE employee. The agreement stated that the woman, a paralegal who was hired by the company in 2019, could not disclose anything about an affair she had with McMahon or make disparaging remarks about him.

A more recent WSJ report claimed McMahon has paid a total of $12 million in hush money to four different women over the past 16 years.

McMahon purchased the business that would eventually become WWE from his father in 1982. He has grown it into a multi-billion dollar company.

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