Wrestling promoter Vince McMahon, under investigation by his board for misconduct, said Friday he’s retiring.
The 76-year-old World Wrestling Entertainment executive agreed to pay more than $12 million over the past 16 years to settle allegations of sexual misconduct and infidelity that were first reported by the Wall Street Journal. McMahon stepped back from his role as chief executive officer in June.
The company will be run by his daughter, Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. He remains the company’s controlling shareholder and said he’ll continue to support WWE in any way he can.
“It’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you,” McMahon said in a statement. “I would like to thank my family for mightily contributing to our success.”
The payments, which were larger than previously known, went to four women formerly affiliated with the company who signed agreements barring them from discussing their relationship with McMahon, the newspaper reported, citing people familiar with the deals and documents. The settlements include $7.5 million to a former wrestler who said McMahon coerced her into giving him oral sex and then demoted her, the newspaper reported.
McMahon remained on top of his world for decades despite multiple controversies with little fallout in the past.
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