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WWE CEO Vince McMahon retires amid alleged sexual harassment claims

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Yahoo Finance Live's Dave Briggs reports on WWE CEO Vince McMahon's decision to retire amid sexual harassment allegations.

Video Transcript

DAVE BRIGGS: Some breaking news now. WWE chairman and CEO Vince McMahon is retiring. The entertainment just announced. The move comes just after a month after the Wall Street Journal reported McMahon dished out hush money totaling $12 million to silence current or former WWE employees who alleged sexual harassment. The 76-year-old had been the head of the WWE since 1982.

Rachelle, this is stunning move because Vince McMahon not just built this company. Quite frankly, he is this company. From the ground up, it is his life. He has been there every day in these recent months when he had technically stepped down. It's his baby. Presumably, Stephanie will take over. But this is a stunning announcement.

RACHELLE AKUFFO: I mean, when you think of the cult of wrestling that really evolved with Vince McMahon, I mean, it's insane when you think of how small it was when it was still the WWF and then evolved into the WWE. The personality that he brought with it, the liveliness that you see in the wrestling, as they're known as now performers, I mean, it was incredible.

And I mean, this is a very sad fall from grace in terms of how he's leaving the organization. And as you mentioned, his daughter will carry it on. I mean, it's tough. My favorite wrestler, the Undertaker. I know he's grim, but I have a thing for the theatrics. I'm sure everyone has their favorite wrestler. But yeah, this is what I grew up on. So it's sad to see him stepping down.

DAVE BRIGGS: I bet this guy doesn't. Can you name a wrestler?



JARED BLIKRE: I remember when he jumped from the dome and broke his self. It was pretty gruesome. But I was always a Hulk Hogan fan.


JARED BLIKRE: I mean, come on. We grew up-- what, our birthdays are pretty close. We had the same kind of TV. I did watch TV back then.

DAVE BRIGGS: Andre the Giant, legend.

JARED BLIKRE: Andre, love Andre the Giant. I was sad when he died.


DAVE BRIGGS: Hulk Hogan, though, definitely my guy. But this is a new era for the WWE. It'll be a dramatic transformation. Stunning enough, so you can't help but wonder if there are more scandals to come out with him stepping down. Just one guy [INAUDIBLE]--