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: