Vince McMahon Retires as CEO of WWE Weeks After Being Sidelined by Sexual Misconduct Allegations

12 Jul 2000: Vince McMahon smiles during the XFL Press Conference at the House of Blues in Los Angeles, California.Mandatory Credit: Tom Hauck /Allsport

President and CEO of the WWE, Vince McMahon announced his retirement Friday afternoon, weeks after allegations forced him to take a reduced role at the company.

McMahon, who has led the organization since the 1980s, released the following statement through the WWE:

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. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.

McMahon is the third generation in his family to help promote the sport and has built the WWE into a worldwide phenomenon. This announcement comes just weeks after the Wall Street Journal posted an investigative piece detailing an affair McMahon had with a former employee, a paralegal for WWE.

The relationship reportedly ended in a multi-million dollar “separation agreement” that saw the ex-employee bared from speaking about the company or the McMahon family. McMahon responded that the relationship was completely consensual and took a step back from his role as CEO while an internal investigation began.

A month later, as McMahon officially resigns, he has left the league in the care of his daughter Stephanie McMahon and current WWE President Nick Khan. The two will serve as co-CEOs.