Vince McMahon shocked the world last July when he announced his retirement from WWE amidst an investigation into alleged sexual misconduct and hush money payments.
Despite the serious nature of these allegations, Vince McMahon announced last week that as majority shareholder in the company, he was electing himself back to the WWE Board of Directors along with former co-presidents George Barrios and Michelle Wilson. Not only that, but he would also be preparing the company for a sale.
Now, the landscape of WWE has shifted once again as Stephanie McMahon announced that she was resigning from her duties with the company. In addition to the official memo she posted on social media, Stephanie was also quoted in a press release from WWE, saying she is confident that the company is in good hands going forward.
“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.”
Vince McMahon’s Election As Chairman Of The Board Was Unanimous
Immediately following the news that Stephanie McMahon had stepped down as co-CEO of WWE, the company issued a press release to inform shareholders that Vince McMahon had been unanimously elected Executive Chairman of the Board.
The press release contained this statement from the reinstated Chairman regarding his daughter’s resignation and Nick Khan’s appointment as sole CEO of the company:
“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.”
The press release also contained a response from Nick Khan, who praised his former co-CEO as well as Vince McMahon and the WWE Board of Directors.
“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.”