He started his career in professional wrestling as an announcer in the 1980's for the American Wrestling Association. When that group folded in 1991, he joined WCW as an executive and as an announcer.
A few years later, he was named Vice President of WCW and was responsible for signing away many of the then-WWF's biggest names. He also was responsible for the groundbreaking New World Order vs. WCW Feud, making WCW the hottest promotion in North America. Because of this, in 1997, WCW created a title of President of WCW, just for him.
However, due to repeatitive storylines and sharp decline of business, Bischoff was removed from power in 1999. He came back into power temporarily in 2000 to try to revitalize business, but it was to no avail.
In late 2000, Bischoff and a group of investers called Fusient Media Ventures motioned to buy WCW, but couldn't get a deal in place.
In 2002, Bischoff, despite years of bad blood, was hired by WWE to be an on-air character. His executive days may be over, but Bischoff will be around the business for a while.