Vince McMahon Announces Retirement From WWE Amid ‘Hush Money’ Scandal

Vince McMahon shocked the wrestling/sports entertainment world Friday by announcing his retirement as WWE chairman and CEO.

The news comes in wake of recent allegations that McMahon paid millions of dollars in hush money to former female WWE employees with whom he had coercive sexual relationships with.

Here’s McMahon’s full statement on his retirement:

As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of 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.

Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives — in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.

McMahon’s daughter, Stephanie, recently took over as interim CEO when he stepped back from his position after the WWE board launched an investigation into the aforementioned allegations.

McMahon at the time remained in charge of WWE’s creative decisions, though, so it’ll be interesting to see how his departure impacts the on-screen product moving forward.