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What Happened To Vince McMahon? Why Did Vince McMahon Retire?
Vince McMahon, the Chief Executive Officer of World Wrestling Entertainment, made the announcement on Friday that he would be retiring after serving as CEO of the company that his father had established for decades.
Following the revelation in June that the WWE was investigating allegations of sexual misconduct against him, he has now made this announcement.
The Wall Street Journal reports that the early retirement was a result of government investigations into allegations that the 76-year-old spent millions of dollars to cover up allegations of sexual misbehavior and infidelity.
These allegations were allegedly brought about by the fact that the retirement was brought forward.
The Wall Street Journal (WSJ) reports that the Securities and Exchange Commission (SEC) and federal prosecutors have opened investigations into alleged payments made by McMahon to settle allegations of sexual misconduct.
In a recent securities filing, WWE made the announcement of the investigation. The filing also noted that the company was still conducting an ongoing internal investigation, which uncovered the fact that McMahon had promised to pay a total of $14.6 million between the years 2006 and 2022.
Why Did Vince McMahon Retire?
Vince McMahon is continuing the family tradition begun by his father and his grandfather Jess McMahon, who were prominent organizers of scripted events in the northeastern United States.
Vince McMahon Jr. has become the most well-known promoter of professional wrestling in the United States. When it comes to professional wrestling in the United States, McMahon is without peer.
When the younger McMahon took over leadership of the WWE in 1982 after inheriting it from his father, the company had been a regional promotion in the United States.
However, with the help of superstars like Hulk Hogan and Dwayne “The Rock” Johnson, the company expanded internationally and became a multibillion-dollar phenomenon.
After reading an article in the June Journal that claimed he paid a former WWE paralegal $3 million to keep her quiet about a connection with him, McMahon announced that he would step down from his roles as CEO and chairman of the company while the board’s investigation continued.
Stamford, Connecticut is home to the company’s administrative offices. His daughter, Stephanie McMahon, was given the role of acting CEO of the company.
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Following this, on July 8 the Wall Street Journal published a follow-up report in which it was revealed that McMahon had agreed to pay four women a total of more than $12 million over the course of the previous 16 years in order to “conceal claims of sexual misbehavior and infidelity.”
The payments were made to four women who had previously been involved with WWE. These women included a former paralegal as well as a former wrestler who claimed that McMahon had forced her to engage in oral sex against her will.
McMahon announced on Friday that Stephanie and WWE President Nick Khan will take over as co-CEOs and that Stephanie will become the business’s chairman.
McMahon also confirmed that Stephanie will become chairman of the company. In addition to his regular responsibilities, professional wrestler Paul Levesque, better known by his ring name “Triple H,” will be in charge of the creative operations of WWE.
