»Stephanie McMahon resigns as co-CEO of WWE, while Vince McMahon regains control«
In the boardroom, palace intrigue resembling WWE storylines has continued.
Stephanie McMahon announced her resignation as co-CEO of the company on Tuesday, a week after her father’s return to the corporation. The board unanimously elected him Executive Chairman, the company stated on Tuesday.
“I took a leave of absence around eight months ago, and within a few weeks, I got the opportunity of a lifetime. Stephanie McMahon wrote, “I had the privilege of returning as Co-CEO and Chairwoman of the Board of WWE.” “I cannot express how proud I am to have led what I consider to be the greatest company in the world, alongside a remarkable leadership team and Nick Khan, one of the strongest executives I have ever known.”
Vince McMahon resigned as CEO and Chairman of WWE in July 2016 after it was revealed that he had given more than $12 million in “hush money” to a number of former workers of the company for adultery and, in some cases, misconduct allegations. With WWE’s media rights contracts expiring in 2024, he returned this week with the claimed intention of conducting a “strategic review” of the firm and maybe exploring a sale.
Stephanie McMahon announced her resignation from WWE upon the return of her father as Executive Chairman.
Since this news, WWE’s stock has increased by almost 25%, from $72 per share to $90. The overall value of the corporation as of Tuesday’s market close was $6.8 billion.
The WWE stated that Khan is now the company’s sole CEO.
Stephanie McMahon said in her email, “Our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives.” “And with Nick’s leadership and Paul ‘Triple H’ Levesque as Chief Content Officer, I am certain that WWE will continue to create exceptional creative content and maximize shareholder value.
“WWE is in such a strong position that I’ve decided to return from my leave and resign officially.”
Vince McMahon supported his daughter’s announcement publicly.
First, I would like to offer my complete support for Stephanie’s personal decision, he stated. “I’ll be eternally thankful that she volunteered to co-lead WWE during my absence, and I’m extremely proud of the job she did. Stephanie has always been our company’s best representative, and her decades-long contributions have had an enormous effect on our brand.
“I am pleased to announce Nick Khan’s appointment as WWE CEO. Nick’s business acumen and media industry expertise have propelled our company to record revenue and profitability. Together, we look forward to collaborating with the Board at this crucial juncture to evaluate our strategic options and maximize value for all WWE shareholders.”
»Stephanie McMahon resigns as co-CEO of WWE, while Vince McMahon regains control«