Vince McMahon, the longtime chairman and chief executive of World Wrestling Entertainment, announced on Friday that he had, a month after stepping down from both posts while the company’s board investigated allegations of misconduct against him.
Mr. McMahon’s daughter, Stephanie McMahon, who wasinterim chairwoman and chief executive last month, will continue to serve as chairwoman and as co-chief executive with , who recently served as president and chief revenue officer of W.W.E., the company said in a .
Mr. McMahon is departing after The Wall Street Journalin June that the board of W.W.E. had been looking since April into a $3 million settlement that he agreed to pay to an employee with whom he was said to have had an affair.
The Journal also reported that the board’s investigation had unearthed older nondisclosure agreements involving claims of misconduct against Mr. McMahon and another executive. A lawyer for Mr. McMahon told The Journal that the former employee had not made claims of harassment against him, and said that “W.W.E. did not pay any monies” to the former employee “on her departure.”
In a Twitter post on Friday, Mr. McMahon, “At 77, time for me to retire.”
“As the majority shareholder, I will continue to support W.W.E. in any way I can,” he said in apublished on W.W.E.’s website.
A representative for W.W.E., asked why Mr. McMahon was retiring, provided ato Mr. McMahon’s statement, in which he mentioned his age.
Mr. McMahon took over the company, then called, from his father, Vince Sr., in 1982 and built it into a television and live-event business while playing a starring role in the entertainment. In 2008, The New York Times as “a broad-shouldered, insult-spewing narrator in the ring.” Mr. McMahon was on the Hollywood Walk of Fame that same year.
Based in Stamford, Conn., the companymore than $1 billion in revenue for 2021. W.W.E. says it stages some 500 live events a year, and its programs are aired in 30 languages and are distributed through NBCUniversal and Fox Sports, among others.