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

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

[{"selector":"#anim-ce2d3c94-d0b2-46f6-9207-5a248c1639a5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(21.874999829338595%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-1b23f373-1ee2-41d4-9a43-12f63b3680a0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-60616421-7849-4afe-a817-f110d2913836","keyframes":{"transform":["translate3d(0px, 148.23427%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-acfa6397-61c2-4c79-b372-c935bea561ff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(9.689695305749924%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-8e3f3c65-8523-4e6b-994f-7ab6db1e3b2d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b325e724-ed85-45b9-bceb-3665cac4b943","keyframes":{"transform":["translate3d(0px, 148.23427%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-15420729-bc23-4d0f-83b1-7c9e47f341f5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(33.828124901869685%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-6e882761-05d0-4cdc-bef1-2ad5643f9032","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cdabf007-7ed6-4508-9884-ae2068239754","keyframes":{"transform":["translate3d(0px, 126.32097%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-13f3f1f7-f725-4d30-8c76-b76b476fb32c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(33.45312489959421%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-461e905e-8274-40d0-9d29-44bb554ce72f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fb9015f9-4d0b-4449-891a-ef968fa922b3","keyframes":{"transform":["translate3d(0px, 177.54869%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-d89d11db-2d97-4d5f-b43e-4e385569b962 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-71203d31-38f8-4b08-b59c-73ccfd217062","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9f581f01-9af9-4cc5-a647-26ad499c933b","keyframes":{"transform":["translate3d(0px, 129.49599%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-6126d219-1e18-47dc-8ae4-1b252b70e0e0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-4ed379aa-f76b-4247-b9f4-b1011c0b27db","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1fef7786-5cb0-4b11-842a-018f5386ad96","keyframes":{"transform":["translate3d(0px, 136.55695%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-de081222-4f88-441c-8b47-9c514a877ecc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0) translate(25%, -0.0000025388959024041924%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-64846012-ba2b-4049-8ead-9dca0b078f92","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-09cacf51-ceb3-4b58-a9aa-fa3fce105dcd","keyframes":{"transform":["translate3d(0px, 137.17423%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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.

[{"selector":"#anim-5343a820-629e-46f8-bd1c-72d4a92b0e8b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(33.828124901869685%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-a63d5c9d-a88f-4e20-a080-5dca7e6df1d1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-116eb9b0-bfc0-445a-9cf6-766715e3cb88","keyframes":{"transform":["translate3d(0px, 126.32097%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-9ad6b14f-73a4-4fe6-bb06-09bace0f6324 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.374999747421118%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-6cfef989-c6b0-422d-befa-892d5462b788","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9a2635d0-d277-405c-b448-9a356d9ffc07","keyframes":{"transform":["translate3d(0px, 135.93964%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6beabc54-ad84-4932-8099-5ee62c03613e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c53c8a80-4181-4bdc-8f37-042be972090c","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]