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Vince McMahon, the longtime leader of World Wrestling Entertainment announced on Friday that he's retiring, five weeks after the Wall Street Journal first reported that McMahon had secretly paid off a former employee with whom he allegedly had an affair.
Why it matters: In the weeks following that story, the Wall Street Journal reported that McMahon had paid out $12 million to four women to cover up allegations of sexual misconduct and infidelity while acting as Chairman and CEO of the company.
- McMahon stepped down from his role as WWE chairman and CEO last month as the company's board investigated his behavior, and vowed to corporate with the investigation.
- McMahon's daughter, Stephanie McMahon, was named interim CEO and board chairwoman shortly thereafter.
What they're saying: “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.
- "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 [McMahon's daughter] and Co-CEO Nick Khan."
- "As the majority shareholder, I will continue to support WWE in any way I can."
The big picture: Shares in WWE spiked in response to the news in after-hours trading, suggesting investors are keen to put the saga behind the company.
- WWE reported record revenues of $1.1 billion last year, thanks in part to the return of large-scale events post-COVID.
- Under McMahon, the company struck a massive, multi-year deal with Peacock last year that gives the NBCU-owned streamer exclusive rights to WWE Network in the U.S.
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