The most important person in professional wrestling's history is retiring.
The chairman and CEO of the World Wrestling Entertainment is retiring. McMahon said in the release that his daughter and current WWE president would be taking over as co-CEOs. According to the McMahon statement, she will take over as chairwoman.
McMahon said that it was a privilege to help the company bring joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for their contribution to our success, as well as all of our past and present Superstars and employees, for their dedication and passion for our brand." I would like to express my gratitude to our fans for allowing us into your homes every week.
McMahon's retirement is a huge change in the world of professional wrestling, where he has been a fixture since buying the company from his father. Over the years, McMahon's promotion stood tall against its competitors and became a billion dollar brand. There has been turmoil in the last few months. The Wall Street Journal reported on June 17 that McMahon had stepped down as chairman and CEO of the company after it was revealed that he paid a former paralegal $3 million to stay quiet. Interim CEO was taken over byStephanie.
Sources said that McMahon's stepping down was done for the sake of the image of the company. There is more finality in the statement released Friday by the company.
McMahon said in his statement that he was confident in the continued success of the company and that he would leave it in the capable hands of both McMahon and Khan. I will support the company in any way I can. I would like to thank our community and business partners, shareholders, and Board of Directors for their support through the years.
McMahon's son-in-law, Paul "Triple H" Levesque, was returning to the company as head of talent relations, thought to be related to McMahon's retirement. On July 8th, the Wall Street Journal reported on McMahon improprieties. According to the newspaper, the board was investigating $12 million given to four former World Wrestling Entertainment employees or contractors to keep quiet about McMahon's sexual misdeeds.
The $7.5 million was paid to a female wrestler who claimed that McMahon coerced her into giving him oral sex, demoted her and then didn't renew her contract in 2005 after she resisted further sexual encounters with him.
McMahon will leave a complicated legacy, one rife with scandals, including allegations that he provided his wrestlers with steroids in 1994. McMahon was acquitted by a jury.
McMahon became a key on-screen character during one of the hottest times for the company in the late 1990s. One of the most memorable storylines in the history of World Wrestling Entertainment was Mr. McMahon going up against Steve Austin. The rivalry helped wrest control of the promotion from the other side.
In 1999, the company became a publicly traded one. Since the 1990s, it has had two of the top-rated shows on cable.
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