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Vince McMahon attends a press convention at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.
Michael N. Todaro | Getty Photographs
World Wrestling Leisure CEO Vince McMahon introduced Friday that he was retiring after many years of main the corporate based by his father, a transfer that comes a month after WWE’s board mentioned it was investigating allegations of sexual misconduct in opposition to him.
Earlier this month, the Wall Avenue Journal reported that the married McMahon had paid greater than $12 million to 4 girls, all of who had been affiliated with the WWE, over the previous 16 years to cowl up claims of sexual misconduct and infidelity.
McMahon is by far the best-known promoter {of professional} wrestling in the US, following within the footsteps of his father Vince McMahon Sr., and his grandfather Jess McMahon, who have been main promoters of wrestling exhibits within the northeast United States.
McMahon in June had mentioned he was stepping again from his position as CEO and chairman of Stamford, Connecticut-based WWE, whereas the board’s probe proceeded, putting in his daughter Stephanie McMahon as interim CEO.
However he mentioned on the time that he would retain management over inventive content material on the firm, the place he stays the bulk shareholder, with about 32% of its inventory.
On Friday, McMahon introduced that Stephanie and WWE President Nick Khan have been taking on as co-CEOs, and that his daughter would develop into chairman of the corporate.
“As I method 77 years previous, I really feel it is time for me to retire as Chairman and CEO of WWE,” McMahon mentioned in an announcement Friday.
“I wish to thank my household for mightily contributing to our success, and I might additionally prefer to thank all of our previous and current Superstars and staff for his or her dedication and keenness for our model,” he mentioned.
“Most significantly, I wish to thank our followers for permitting us into your houses each week and being your alternative of leisure.”
WWE’s inventory worth didn’t markedly change in after-hours buying and selling, which noticed a low quantity of shares altering fingers.
On the shut of normal buying and selling Friday, WWE had a market capitalization of about $4.9 billion.
That is breaking information. Please verify again for updates.
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