Let’s start with the basics. Vince McMahon announced his retirement as World Wrestling Entertainment chairman and CEO on July 22, 2022, at the age of 76. He handed the reins of the organization to his daughter, Stephanie McMahon, and current WWE president Nick Khan, who took over as co-CEOs. Stephanie will be the new WWE chairman as well.
The announcement came one month after Vince McMahon voluntarily stepped down as the CEO of WWE on June 17, 2022, after allegations came to light that he’d paid a former employee $3 million in “hush money” to cover up an affair between the two. Another story from The Wall Street Journal surfaced in early July and reported that McMahon had paid $12 million to four former WWE female employees or contractors in the past 16 years to “suppress allegations of sexual misconduct and infidelity.”
McMahon, who has been married to his wife, Linda, since 1966, handed interim control of the company in his absence to his daughter, Stephanie, after the first report surfaced. Stephanie has worked alongside her father since the late 1990s, and she served as interim CEO and chairwoman while the WWE conducted an investigation into the allegations. But according to ESPN.com, Vince McMahon still maintained control of WWE creative after that initial allegation surfaced in June, and his “stepping down was done for optics.”
The transfer of power in the wrestling world seemed to be more official in late July, one month before McMahon’s 77th birthday.
“As I approach 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE,” Vince McMahon said in his retirement 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.
“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.”
Vince McMahon’s rise to power and subsequent fall from grace is one of the most compelling stories in American sports history. How did an unwanted, 12-year-old boy with dreams of becoming a pro wrestler become one of the richest men in America?
