WWE chief retires amid allegations
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NEW YORK • Vince McMahon, the promoter who built a professional wrestling show into a global entertainment empire, on Friday announced he was retiring as head of World Wrestling Entertainment (WWE) - under a cloud of serious sexual misconduct allegations.
McMahon, whose long-time friends include former United States president Donald Trump, became a WWE character at one stage and even launched a rival to the National Football League - the now-defunct XFL.
"As I approach 77, I feel it's time for me to retire as chairman and CEO," he said in a statement. "Throughout the years, it has been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you."
McMahon stepped down from his roles with WWE last month pending the results of an internal investigation after allegations he had an affair with an employee and paid her US$3 million (S$4.2 million) to keep the matter secret.
His daughter Stephanie was named interim chief executive and chairman, and she will continue to lead WWE alongside co-chief executive officer Nick Khan.
McMahon's retirement will, however, not put an end to the widening allegations of misconduct by the wrestling supremo, who is the company's biggest shareholder.
The WWE, which stages about 500 live events annually with its programmes aired in 30 languages, reported more than US$1 billion in revenue for 2021.
The Wall Street Journal reported two weeks ago that he paid more than US$12 million to four women formerly associated with WWE over the past 16 years to keep quiet about affairs and inappropriate behaviour at the workplace, including a former female wrestler who claims he coerced her into oral sex.
WWE declined to comment on McMahon's retirement or the ongoing probe.
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