Former Montgomery County resident Vince McMahon announced his retirement today from World Wrestling Entertainment. McMahon and his family lived on Stedwick Dr in Montgomery Village in the late 60’s/early 70’s. On June 8, the Wall Street Journal released an article alleging that McMahon paid a secret $3 million “hush money” settlement to a former WWE employee he allegedly had a sexual relationship with. One week later, McMahon announced he was temporarily stepping down from his role as Chairman and CEO while the company ran an internal investigation. The Wall Street Journal then released a second article on July 8, alleging that McMahon paid more than $12 million in total over the past 16 years in settlements with women, all who were associated with the WWE.
Vince’s daughter Stephanie McMahon, along with WWE President Nick Khan, have been named co-CEO’s of the company moving forward. McMahon remains the majority shareholder of WWE, owning about 32% of its stock. McMahon released the following statement Friday afternoon on the company’s corporate website:
“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 MoCo History:
When Vince McMahon Sr. wanted to expand the then-WWWF further down the east coast, he sent his son Vince McMahon Jr. down to D.C. to run operations. Since Vince and his wife Linda couldn’t afford to live in the city, they purchased a home on Stedwick Dr in Montgomery Village. On January 15, 1970, Shane Brandon McMahon was born in Gaithersburg. About 5 years later, they moved back and forth between Connecticut and Gaithersburg until finally moving to Connecticut full-time in the early 80s.