Vince McMahon, the former WWE chief executive, is retiring from the company, he said in a statement. The news follows an investigation into McMahon paying millions of dollars in hush money to cover up alleged infidelity and misconduct with multiple women.
"As I approach 77 years old, I feel it's time for me to retire as Chairman and CEO of WWE," McMahon said.Last month, a report in the Wall Street Journal said the company's board was investigating McMahon for agreeing to pay a secret $3 million settlement to a former employee with whom he allegedly had an affair.
The CEO helped turn the company into a global brand and media powerhouse, which currently has deals with Fox and NBCUniversal. McMahon also helped to elevate many famous wrestlers, like The Rock, John Cena and Stone Cold Steve Austin.
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