McMahon founded the World Wide Wrestling Federation (WWWF) (which would eventually become the World Wrestling Federation (WWF) and ultimately WWE), and came to dominate professional wrestling in the 1950's and 1960's.
Unlike his son, Vincent Kennedy McMahon, McMahon believed that the job of a promoter should be kept backstage or behind the scenes and should never interfere with the action in the ring. As a result, McMahon almost never came down to the squared circle. He can however clearly be seen standing ringside during the infamous Madison Square Garden "Alley Fight" between Sgt. Slaughter and Pat Patterson. When his son purchased the WWF, he felt differently than his father on the issue.
In 1982, McMahon sold the parent company of the World Wrestling Federation to his son Vince McMahon. His son, much to his father's initial concern, set out to make the WWF national and eventually worldwide in scope. The younger McMahon's competitive tactics were successful, and the WWF quickly became the most prominent exponent of "sports entertainment".
McMahon passed away on May 24, 1984.
McMahon was inducted into the WWF Hall of Fame class of 1996, by his grandson Shane.