BREAKING NEWS: Stephanie McMahon resigns as co-CEO of the WWE…just days after her father Vince returned to the board of directors
Stephanie McMahon has sensationally resigned from the WWE, announcing the news in a statement posted to Twitter Tuesday night.
It comes just days after her father, Vincent Kennedy McMahon, appointed himself back to the WWE board of directors. McMahon was unanimously elected Executive Chairman of the Board earlier Tuesday.
Stephanie was co-CEOs alongside Nick Khan before her resignation. Khan will continue in his role, now as sole CEO of the company.
‘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,’ said in a WWE statement.
Stephanie McMahon (C) has resigned as CEO from the WWE after her father, Vince (L), returned to the wrestling franchise, appointing himself back to the board of directors
She followed it up with a personal statement later Tuesday, expressing her gratitude for her six months as Co-CEO.
‘Dear WWE Universe, About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime.
‘I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE. I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team and one of the strongest executives I have known in my Co-CEO, Nick Khan.
‘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 confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders.
Vince McMahon returned to the WWE last week after retiring from his CEO position in July ’22
‘WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation.
‘I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan. I will always remain dedicated to WWE. I truly love our company, our employees, our Superstars, and our fans. And I am grateful to all of our partners.
‘Thank you for everything. Then. Now. Forever. Together. -Steph.’
Mr. McMahon’s shock move comes several months after he retired from the sports entertainment company during an investigation into alleged misconduct. He made a statement following his election, and prior to Stephanie’s social media release.
Stephanie was co-CEO of the sports entertainment company for six months before resigning
‘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.’
Mr. McMahon has long been a public figure, spotted in 2005 with Sly Stallone (L) & Hulk Hogan
Vince McMahon retired as WWE’s chairman and CEO in July. He had stepped down temporarily from the posts a month earlier. The Wall Street Journal reported over the summer that McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
The Stamford, Connecticut, company said Friday that it would be looking at “all strategic alternatives to maximize shareholder value.”
There have been rumors that WWE may be interested in selling the organization to another entertainment company.