WWE Chairman and CEO Vince McMahon Retires Amid Hush-Money Scandal

76-year-old Vince McMahon is stepping down as WWE chairman and CEO.

His daughter Stephanie McMahon will be co-CEO and Nick Khan be President.

Amid a board of directors investigation into accusations he paid hush money to several female employees with whom he carried on affairs.

McMahon will no longer even be involved with WWE’s creative direction

Vince McMahon remains WWE’s majority shareholder with 80 percent of the company’s voting shares.

“As the majority shareholder, I will continue to support WWE in any way I can.” - Vince McMahon

Vincent K. McMahon purchased the parent company of the WWF from his father, Vincent J. McMahon, in 1982

In an October 1999 initial public offering, WWE sold shares at $17 apiece, and the stock quickly soared to $30.50, valuing WWE at $172.5 million.

Shares closed at $66.22 on Friday, and rose less than 0.5% in after-hours trading following this announcement.