Friday, July 22, 2022, is the End of an Era. Vince McMahon, the Chairman of the Board, CEO and Head of Creative announced his retirement from World Wrestling Entertainment.
— Vince McMahon (@VinceMcMahon) July 22, 2022
Vince McMahon Retires
Everyone knew this day was coming, but not for a long time. Most thought he would be there until the day he died. However, that is not the case. Instead, after the stock market closed on Friday afternoon, decided it was time to walk away from the business he loved.
The man who took pro wrestling from a regional promotion to a national one after buying his father’s company in 1982 was defiant until the final days with WWE. When the initial reports from the Wall Street Journal came out about the hush money he paid to multiple women for sexual affairs that happened, there McMahon was on television at the forefront opening Smackdown and Raw.
However, amidst the scandal around the multiple sexual misconduct allegations, that made him step back from his two most prominent roles with the company, the Board of Directors opened their own investigation. Those investigations found even more hush money that was given out to employees that whom McMahon had sexual relationships.
Therefore, McMahon decided it was time to retire. Though most believe he was forced out by the Board. They had no other choice but to have McMahon leave the company with multiple television partners and sponsors raising their concerns behind the scenes. Not to mention his presence still behind the scenes as head of creative raised some eyebrows. There was no doubt Vince had to step down and go away for the company to move forward.
WWE Statement On McMahon Retirement
WWE has moved forward as they announced that Nick Khan and Stephanie McMahon will be co-CEOs. With Paul Levesque returned to his full time as Senior Vice President.
In a statement released yesterday, WWE had the following to say about Vince McMahon’s retirement:
VINCE MCMAHON RETIRES
STAMFORD, Conn., July 22, 2022 – Vince McMahon today released the following statement:
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. 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. 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.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. 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. As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”
McMahon also sent an email to the talent saying they would not see him in the gorilla position anymore but he will still be watching.
We will not tackle McMahon’s legacy in this article, but what he did for the business can’t be understated. However, people will look at him now in a whole new light.