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

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

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

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

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

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

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

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

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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.

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

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