Stephanie McMahon has resigned from her position as Chairwoman and co-CEO of WWE.
The daughter of Vince McMahon, who took over those positions in the wake of his ouster last summer, issued a statement on Tuesday evening confirming her departure.
Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv
— Stephanie McMahon (@StephMcMahon) January 10, 2023
In a subsequent release from WWE, its board of directors has unanimously voted Vince McMahon to once again become Executive Chairman of the Board of Directors with Nick Khan being named sole CEO.
WWE (NYSE: WWE) today announced that its Board of Directors unanimously elected Vince McMahon Executive Chairman of the Board.
Stephanie McMahon has resigned from her roles as Chairwoman and Co-CEO.
Nick Khan will serve as WWE CEO.
Vince McMahon:
“First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand.“I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”
Stephanie McMahon:
“I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders.”Nick Khan:
“Stephanie McMahon is a terrific executive and an even better person. It has been an honor to serve as Co-CEO with her. She will only continue to succeed.“I’m grateful to Vince McMahon and our Board of Directors for their ongoing support. I look forward to continuing to work closely with them and my WWE colleagues to ensure our company may thrive as the premiere powerhouse in sports entertainment for years to come.”
Vince McMahon was reinstated to the company’s board of directors last week after making his intentions known to the board of his desire to return, and threatening to withhold his approval of a pending media rights deal and/or company sale if he’s not involved.
The board of directors initially responded to McMahon stating they unanimously voted against his return before McMahon responded with the threat regarding the media rights deal and sale approval.
McMahon has been the subject of multiple allegations from women and using his personal funds as hush money payments, which were not properly recorded as company expenses.
In the board’s response to McMahon, they noted there is information they have discovered about McMahon that is not public.
After McMahon’s return to the board of directors, members Man Jit Singh and Ignace Lahoud resigned from the board.
The WWE stock has soared since McMahon’s return due to the speculation of the company being sold with the stock closing at $90.24 on Monday and increasing over 31 percent over the past five days.
