WWE Founder, CEO Vince McMahon Retires: What You Need to Know

Vince McMahon, the founder and CEO of World Wrestling Entertainment, announced his retirement Friday. After years of declaring he'd "die in the chair" rather than step down from his duties as CEO and chairman, McMahon said in a Friday tweet that the time had come.

"At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together," the tweet reads, referencing the "then, now, forever, together" slogan that plays at the beginning of all WWE programming. 

"I am extremely confident in the continued success of WWE," McMahon said in a subsequent public statement, "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."  

In a memo to talent, McMahon reportedly wrote, "I won't be with you, but I'll be watching." 

In June, McMahon had temporarily stepped away from his role as CEO amid an investigation into alleged misconduct. The Wall Street Journal reported that month that the WWE's board was investigating a $3 million settlement he'd allegedly agreed to pay an employee with whom he'd purportedly had an affair. The Journal followed with a report in July that McMahon had allegedly paid more than $12 million to four different women associated with the WWE to suppress accusations of sexual misconduct and infidelity. McMahon has said he's cooperating with the board's investigation.

After stepping away from the CEO role, McMahon had retained full creative control of WWE's product. With Friday's announcement, McMahon relinquishes all official duties with the company, though he remains WWE's controlling shareholder. In his place, his daughter Stephanie McMahon will run the company as chairwoman and co-CEO along with fellow co-CEO Nick Khan.

The retirement of Vince McMahon may go down as the most historic day in professional wrestling history. McMahon is responsible for the nationalization and globalization of professional wrestling in the '80s and '90s. Before McMahon, there were popular wrestling promotions scattered all across the US. McMahon's WWF, which became WWE in 2001 after a lawsuit was filed by the World Wide Fund for Nature (WWF) for rights to the name, became the first wrestling promotion to tackle a national US audience. 

Out of that ambition came WrestleMania, the biggest annual event in the industry, and wrestling stars that reached global fame. Some, like Stone Cold Steve Austin and Hulk Hogan, became world-renowned for their pro wrestling careers, while others, like Dwayne "The Rock" Johnson and Dave "Batista" Bautista, were able to use the company as a launchpad into successful Hollywood careers. 

Stephanie McMahon opened Friday's SmackDown show after news of her father's retirement. "Since Vince had the opportunity to thank us, I think this is the opportunity that we take to thank him," she said to the Boston crowd before leading a "thank you, Vince" chant.

Industry response to McMahon's retirement has been mixed. Some have wondered if McMahon's decision presages further reports from the Journal, while several wrestlers have tweeted out thanks to McMahon. 

Perhaps the prevailing response has been surprise. McMahon has been synonymous with the WWE and pro wrestling for the past three decades, and on several occasions said he'd never retire. Dutch Mantell, a wrestling veteran who worked for the WWE as recently as 2016, spoke for many on his Friday podcast: "Hell has frozen over. That's basically what's happened." 

WWE didn't immediately respond to a request for comment.

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