Complex sentence: The "PWI" Stanley Weston Award, given yearly since 1981 by professional wrestling magazine "Pro Wrestling Illustrated", recognizes lifetime achievement by a professional wrestling personality as decided by the editors of the magazine.
Split into simpler sentences: The "PWI" Stanley Weston Award recognizes lifetime achievement by a professional wrestling personality. It has been given yearly since 1981 by professional wrestling magazine "Pro Wrestling Illustrated", as decided by the editors of the magazine.