LAS VEGAS, NV - JANUARY 08: WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES at the Encore Theater at Wynn Las Vegas on January 8, 2014 in Las Vegas, Nevada. The network will launch on February 24, 2014 as the first-ever 24/7 streaming network, offering both scheduled programs and video on demand. The USD 9.99 per month subscription will include access to all 12 live WWE pay-per-view events each year. CES, the world's largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo by Ethan Miller/Getty Images)
Vince McMahon has retired from his position as chairman and CEO of WWE as of Friday. A statement declares that his daughter Stephanie McMahon and president Nick Khan will be acting as co-CEOs of WWE moving forward. He had already stepped down as CEO last month and made this departure permanent.
The WWE was rocked with controversy in April when it leaked McMahon may have paid a former paralegal of the company $3 million to not disclose an affair they had together. The WWE board launched an internal investigation into this claim and later located other huge payments and non-disclosure agreements signed by former female employees who accused McMahon and John Laurinaitis of misconduct.
McMahon allegedly paid one woman $7.5 million who said he coerced her into sexual activities, and then let her go when she resisted sexual advances on later occasions. All in all, he allegedly paid four women $12 million.
The McMahon family is heavily involved in the wrestling world, and he purchased WWE from his father Vincent J. McMahon in 1982. He conceptualized the iconic WrestleMania event, which still occurs annually. Vince was also known for getting onscreen for wrestling segments as well, including this now-infamous clip of him getting his head shaved by Donald Trump.
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