77-year-old Vince McMahon announces retirement from WWE as chairman & CEO

Vince McMahon, who is widely considered the most important person in the history of pro wrestling, has decided to hand over the reins by announcing his retirement from WWE on Saturday. McMahon took to his official Twitter handle in the early hours of Saturday and thanked the WWE Universe, announcing that he has decided to retire from the position of CEO and chairman of WWE, at the age of 77. In a WWE news release, McMahon also announced that his daughter Stephaine, who is the current interim CEO, and the WWE president Nick Khan will be taking over as co-CEOs, while Stephaine takes over as the chairwoman.

Meanwhile, in his statement about his retirement, McMahon said, “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."

McMahon’s retirement comes as a significant surprise for WWE fans as it is set to bring a massive change in pro-wrestling, where he has been the face of WWE since buying the promotion from his father in the 1980s. He successfully built the company into a billion-dollar brand, getting worldwide reach and popularity. However, McMahon stepped down from his role as chairman and CEO in June this year, after a report by the Wall Street Journal revealed that the WWE board is investigating into a secret USD 3 million hush money settlement towards a former WWE employee, with whom he had an affair.

Triple H resumes his role as the EVP, Talent Relations

Despite this, McMahon continued with his role as the WWE creative head and kept appearing on the RAW and SmackDown weekly shows. While reports about the same revealed that McMahon stepped down just for optics, the statement on Friday has more clarity about the situation. It is pertinent to mention that Stephaine’s husband and former WWE superstar Triple H resumed his role as the head of talent relations on Friday. 

'I will continue to support WWE,' says Vince McMahon

“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,” McMahon said in his statement. 

(Image: wwe.com)