Vince McMahon, the former WWE chief executive, is retiring from the company, he said in a statement on Friday. The news follows an investigation into McMahon paying millions of dollars in hush money to cover up alleged infidelity and misconduct with multiple women.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said.
Last month, a report in the Wall Street Journal said the company’s board was investigating McMahon for agreeing to pay a secret $3 million settlement to a former employee with whom he allegedly had an affair.
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A new report from the Journal came out earlier this month that said McMahon paid more than $12 million to four women, including the one from the prior report, to cover up “allegations of sexual misconduct and infidelity.”
The longtime WWE boss agreed to step back from his role as chairman and CEO while the investigation was ongoing. His daughter, Stephanie McMahon, and president Nick Khan will serve as co-CEOs.
McMahon has said previously he is cooperating with investigators. His lawyer told the Journal that “WWE did not pay any monies” to the former employee “on her departure.”
The WWE did not have any further comment Friday beyond McMahon’s statement.
McMahon has been a major part of the WWE for decades, both behind the scenes and in the ring.
The CEO helped turn the company into a global brand and media powerhouse, which currently has deals with Fox and NBCUniversal. McMahon also helped to elevate many famous wrestlers, like The Rock, John Cena and Stone Cold Steve Austin.
According to the Journal, the women, all of whom were involved with WWE, signed agreements with McMahon that “prohibit them from discussing potential legal claims against or their relationships with the 76-year-old executive.”
The Journal said McMahon paid the women over a period of 16 years.
On Friday, McMahon said that the company 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,” he said. “As the majority shareholder, I will continue to support WWE in any way I can.”
He ended the statement with the company’s signature phrase: “Then. Now. Forever. Together.”
Photos: Vince McMahon through the years
Dr. George T. Zahorian III, center, an osteopath from Harrisburg, Pa., poses with Vince McMahon, left, and wrestler Hulk Hogan in 1988. (AP Photo/Richard Drew)
World Wrestling Federation owner Vince McMahon is seen in New York, July 16, 1991. (AP Photo/Richard Drew)
FILE – This July 22, 1994, file photo shows Vince McMahon, owner of Titan Sports and World Wrestling Federation, and his wife, Linda, leaving Federal Court in Uniondale, N.Y., after McMahon was acquitted of conspiring to distribute steroids. From the NBA’s Chris Dudley and Shawn Bradley to the NFL’s Alan Page, Heath Shuler and Jon Runyan to pro wrestling’s Linda McMahon, some two dozen sports figures are up for election. (AP Photo/Mark Lennihan, File)
World Wrestling Entertainment owner Vince McMahon is interviewed on the NBC “Today” television program by co-host Meredith Vieira in New York, Thursday June 28, 2007. McMahon urged people not to assume that steroids played a role in the murder-suicide of pro-wrestler Chris Benoit, his wife and 7-year-old son. (AP Photo/Richard Drew)
WWE Hall of Famer Bret “Hit Man” Hart on his way to defeating Mr. McMahon at WrestleMania XXVI on March 28, 2010, at University of Phoenix Stadium in Glendale, Arizona. (AP Photo/Rick Scuteri)
Vince McMahon, husband of Republican candidate for U.S. Senate Linda McMahon raises his arm in the air to an audience during a fan appreciation event in Hartford, Conn., Saturday, Oct. 30, 2010. Former World Wrestling Entertainment CEO McMahon is battling Richard Blumenthal, the Connecticut Attorney General, for the senate seat being vacated by the retiring Sen. Chris Dodd. (AP Photo/Jessica Hill)
Republican candidate for U.S. Senate Linda McMahon, right, and her husband Vince share a moment together the at Republican state convention in Hartford, Conn., Friday, May 18, 2012. (AP Photo/Jessica Hill)
FILE – In this May 21, 2010, file photo, WWE Chairman and Chief Executive Officer Vince McMahon is shown at the Connecticut Republican Convention in Hartford, Conn. WWE announced Thursday, July 31, 2014, a new 10-year partnership with Rogers Communications in Canada that will launch the WWE Network as a traditional pay-TV channel in Rogers’ cable systems, also starting Aug. 12. “WWE’s core business metrics remain strong, and WWE Network continues to be the single greatest opportunity to transform WWE’s business model,” said McMahon. (AP Photo/Jessica Hill, File)
World Wrestling Federation chairman Vince McMahon is pictured in New York in 1991. (AP Photo/Richard Drew)
FILE – In this March 28, 2007, file photo, Donald Trump, left, stands before World Wrestling Entertainment boss Vince McMahon, right, under the eye of wrestler “Stone Cold” Steve Austin, center during a news conference in New York to discuss a planned “Battle of the Billionaires” match. If now President Trump’s recent attacks on television personalities, journalists and political rivals feel like something straight out of the pro wrestling circuit, it may not be a coincidence – wrestling aficionados say the president, who has a long history with the game, has borrowed the time-tested tactics of the sport. (AP Photo/Bebeto Matthews, File)
FILE – In this April 1, 2007, file photo, Donald Trump, left, and Bobby Lashley, right shave the head of Vince McMahon after Lashley defeated Umaga at Wrestlemania 23 at Ford Field in Detroit. Lashley is no Brock Lesnar. But the TNA Wrestling heavyweight champion hopes his shift to Bellator can give a boost to both second-tier promotions. Lashley has one of the featured bouts on Friday night when Bellator goes head-to-head on national TV vs. UFC. (AP Photo/Carlos Osorio, File)
Vince McMahon, husband of Republican candidate for U.S. Senate Linda McMahon stands towards the rear of the stage during his wife’s concession speech in Stamford, Conn., Tuesday, Nov. 6, 2012. McMahon lost the race to Democratic opponent Chris Murphy for the Senate seat now held by Joe Lieberman, an independent who’s retiring. (AP Photo/Charles Krupa)
FILE – In this Oct. 30, 2010 file photo, WWE chairman and CEO Vince McMahon speaks to an audience during a WWE fan appreciation event in Hartford, Conn. WWE’s ‘Raw’ set out to be a special kind of wrestling show from its birth on Jan. 11, 1993. “Welcome everyone, to Monday Night Raw!” McMahon bellowed. “We are live from New York City!” The WWE will celebrate the 25th anniversary of “Raw” on Jan. 22, 2018 at its original home of the Manhattan Center with some of the biggest stars in the company’s history stopping by for a fight. (AP Photo/Jessica Hill, File)
FILE – In this Feb. 3, 2000, Vince McMahon, chairman of the World Wrestling Federation, speaks during a news conference in New York. The XFL is set for a surprising second life, McMahon announced Thursday, Jan. 25, 2018. McMahon said the XFL would return in 2020 but offered few other details about the late winter/early spring football league. (AP Photo/Ed Bailey, File)
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