American promoter Vince McMahon, who built professional wrestling into a global entertainment empire, has announced his retirement, amid allegations of sexual misconduct.
The head of World Wrestling Entertainment, whose friends include former President Donald Trump, has become a key figure in the wrestling world.
“As I approach 77, I feel it is time for me to retire as President and CEO of WWE,” he said in a statement. Over the years, it has been a privilege to help WWE bring you happiness, inspiration, excitement, surprise and always amusement.
McMahon gave up his positions at WWE last month, pending the results of an internal investigation, following allegations regarding an affair with an employee who was paid $3 million to keep the matter a secret.
His daughter Stephanie has been named CEO and president, as the investigation continues amid widening allegations of misconduct.
The Wall Street Journal reported two weeks ago that McMahon paid more than $12 million to four women previously associated with his organization over the previous 16 years, to cover up relationships and alleged misconduct, including a former wrestler who claims he forced her into oral sex.
After taking over from his father, also called Vince, and grandfather, Jess, McMahon turned WWE into a global organization with hundreds of employees in offices around the world.
