Vince McMahon Retires as Chairman and CEO of WWE

Vince McMahon announced that he is retiring from his role as Chairman and CEO of WWE. McMahon is currently the subject of an investigation by the WWE Board of Directors after allegedly paying millions of dollars to former employees in order to keep affairs and alleged sexual misconduct quiet. News of the investigation first dropped via a report from The Wall Street Journal on June 15, but the sequence of events leading up to the investigation goes as far back as 2005 and results in more than $12 million getting paid out. 

With Vince McMahon retiring, Stephanie McMahon and Nick Khan now serve as co-CEOs. Vince McMahon has served as CEO of WWE since 2009, when his wife Linda McMahon resigned from the position to pursue political office. Meanwhile, Stephanie McMahon has been involved with the WWE as both on-air talent and as a corporate executive, most recently serving as the WWE's chief brand officer before rather unexpectedly taking a leave of absence from her role earlier this year. 

Since the initial news hit, it's been confirmed that Vince will no longer have a role in WWE creative, and is not backstage for tonight's episode of SmackDown. You can read Vince McMahon's full statement below:

"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."