WWE Founder/Chairman/CEO Vince McMahon Retires, Daughter Stephanie McMahon and Nick Khan Assume Co-CEO Positions

Vince McMahon, founder and CEO of World Wrestling Entertainment, has formally retired after more than 40 years. His daughter Stephanie McMahon and Nick Khan have been named co-CEOs of the venerable professional wrestling promotional company.

The elder and married McMahon had temporarily stepped down from his leadership position following allegations he had paid millions to former female employees to suppress sexual misconduct and infidelity charges.

The WWE July 25 disclosed in a regulatory filing that McMahon made payments totaling $14.6 million to women from 2006 through 2022. As a result, the WWE said it would be revising its fiscal statements for 2019, 2020, 2021 and the first quarter of 2022.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

“As I approach 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE,” McMahon said in a statement. “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.”

WWE, which broadcasts its content in more than 180 countries and 30 languages, recently licensed its WWE Network streaming platform to NBCUniversal’s Peacock streaming platform, in a reported $1 billion deal for five years.