World Wrestling Entertainment (WWE) boss Vince McMahon, who turned the firm from a regional player to global giant, says he will retire amid a flurry of misconduct claims.
He stepped down from his roles in WWE last month following reports he paid millions to suppress allegations of sexual misconduct and infidelity.
Mr McMahon remains WWE’s majority shareholder.
He has led WWE for decades, often appearing as a performer in the ring.
In a statement that did not mention the allegations against him, Mr McMahon said he has the “deepest appreciation and admiration for our generations of fans all over the world”.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervour, dedication, and passion as always,” the 77-year-old said.
“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.”
His daughter Stephanie will serve as interim chairperson and co-CEO.
In June, The Wall Street Journal reported that Mr McMahon had agreed to pay $3m (£2.5m) to a former paralegal who said he sexually harassed her at work.
He reportedly agreed to an upfront payment of $1m, with the rest to be doled out over five years and apparently paid by Mr McMahon personally.
Despite initial reports that he would remain in post as the company’s CEO and chairman, the WWE board announced an investigation after it emerged that he had paid more than $12m to four other women to hide numerous allegations of infidelity. He was replaced as acting CEO and chairperson by his daughter.
The women – all former employees of WWE – signed agreements with Mr McMahon that barred them from discussing their relationships with him in exchange for the payments.
Mr McMahon has overseen the WWE’s growth into a media juggernaut whose content is broadcast in more than 180 countries and 30 languages.
When he purchased the then World Wrestling Federation from his father in 1982, matches took place in small venues and its rare television broadcasts were limited to local US cable channels.
But the organisation underwent a seismic change under his management, with events like WrestleMania, a live event featuring the sport’s top stars, drawing in millions of viewers. In 2021 the company’s revenue exceed $1bn for the first time.
As the sport grew, Mr McMahon leveraged his abrasive and bombastic personality to become one of its most recognisable faces.
He has been at the centre of some of its most famous moments, including being attacked by future US President Donald Trump at a WrestleMania event in 2007, and his feuds with stars like ‘Stone Cold’ Steve Austin and Hulk Hogan became box office viewing.
Last month he relinquished his duties as his board of directors investigates him for misconduct. Mr McMahon, 76, had “voluntarily stepped back from his responsibilities”.
The inquiry revolves around an alleged $3m (£2.5m) settlement between Vince McMahon and an ex-employee with whom he had a consensual affair.
Mr McMahon has not responded directly to the claims but, in a statement, pledged his “complete cooperation to the investigation”.
“I have also pledged to accept the findings and outcome of the investigation, whatever they are,” he added.
The company has said the billionaire will “retain his role and responsibilities related to WWE’s creative content” during the investigation, later adding in a tweet that he would open Friday night’s Smackdown programme.
Oon Wednesday, the January settlement bars the departing paralegal from discussing the relationship with Mr McMahon or otherwise disparaging him.
The WWE’s board is now said to be in possession of a copy of the agreement – an upfront payment of $1m, with the rest to be doled out over five years and apparently paid by Mr McMahon personally.
Anonymous emails forwarded to board members reportedly claim the woman was hired at a salary of $100,000 but Mr McMahon doubled the figure once they began a relationship.
One reads: “My friend was so scared so she quit after Vince McMahon and lawyer Jerry paid her millions of dollars to shut up,” according to the report.
WWE’s board has also unearthed previous settlements involving Mr McMahon – potentially running into the millions of dollars – since it opened its investigation in April, the outlet claimed.
Also named in the news report was the company’s head of talent relations, John Laurinaitis, who faces claims of misconduct as well.
Mr McMahon founded the WWE in the 1980s and has overseen its growth into a media juggernaut whose weekly content is broadcast in more than 180 countries and 30 languages.
The company’s stock is publicly traded, but Mr McMahon retains a majority of its shares.
He, his daughter and her husband Paul Levesque – better known as the wrestler Triple H – all sit on the 12-member board of directors.
In May, Ms McMahon stepped away from her main role as chief brand officer “to focus on my family”, soon after Mr Levesque underwent surgery for a “very serious” cardiac event.
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