Vince McMahon is officially retiring from WWE, the longtime chairman announced on Friday.
In a statement, McMahon said that as he approaches 77 years old, he simply said he feels that it’s time to retire. McMahon went on to say that it has been a “privilege” to help the world of WWE bring fans joy, inspiration, and more throughout the years.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement. “Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand.”
In the letter, McMahon also confirmed that he would remain as the majority shareholder within the company, but would seemingly be stepping away from most active duties within the company. For years, McMahon has held a strong role within the creative and business side of WWE, so it’s unclear exactly what role McMahon will serve going forward.
McMahon also took to Twitter to confirm the news, thanking the WWE Universe in a short message.
The news comes as McMahon continues to come under fire over various reports alleging the former chairman of having paid upwards of $12 million in hush money to various women to cover up claims of sexual misconduct and infidelity. An initial report that alleged McMahon had paid $3 million in hush money to a woman that he was allegedly having an affair with. As a result of that report, McMahon stepped back from his role as chief executive officer of WWE last month while the board continued its investigation.
However, McMahon still appeared at various WWE tapings and retained his responsibilities as one of the creative heads at WWE. In the interim, Stephanie McMahon — Vince’s daughter — is serving as interim CEO and interim chairwoman.