McMahon still retains his shareholder voting control despite stepping down as CEO and head of creative.
It took retirement for Vince McMahon to keep control of WWE.
McMahon took to social media on Friday afternoon to announce his retirement.
From what, exactly, is yet to be determined.
Amid an ongoing investigation into reports that he paid millions of dollars to hush sexual misconduct and infidelity claims by four women, McMahon already stepped down last month from his position as WWE CEO. He was still acting as the head of creative, but that will no longer be the case, as he is officially stepping down from all his roles, sources close to the situation have confirmed.
WWE has replaced McMahon with co-CEOs Stephanie McMahon and Nick Khan. But it is unlikely that McMahon, 76, will be quietly living out his retirement. He is still WWE’s largest shareholder. McMahon owns the bulk of shareholding voting power, meaning he remains the most powerful individual in the entire company.
The timing of the announcement was also strategic. WWE announced on Friday morning that Paul “Triple H” Levesque had resumed his post as EVP, Talent Relations. Levesque had been away from the role while he recovered from a heart-related health scare that resulted in a defibrillator being placed in his chest. So the company was prepared with news to counter McMahon’s, as Triple H’s return was extremely well-received among the talent.
Not every question is answered with McMahon’s abrupt retirement. It has been less than two weeks since WWE told investors that the success of the company “hinges on McMahon’s standing as its leader.” What changed so quickly? Could more NDAs have been set to be released? Or is this just the most effective manner for WWE to quiet the internal investigation on McMahon’s misconduct?
Even if the investigation is ongoing, what type of sanctions can be levied against McMahon? He already relinquished his duties as CEO and as head of creative. But what is stopping McMahon from continuing to oversee creative? Or any other part of the company?
Pro wrestling was built on the concept of presenting one idea while delivering another. Better than anyone else, McMahon perfected the art. So perhaps this retirement isn’t exactly what it appears to be.
As long as McMahon retains such power, it is difficult to believe he won’t be exercising it.
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