WWE recently announced that the company has now unanimously elected VInce McMahon as the Executive Chairman of the Board.
The 77-year-old resigned in July last year amidst allegations of paying “hush money” to former female employees. He was replaced by his daughter, Stephanie McMahon, and Nick Khan as Co-CEOs following his departure.
WWE issued a statement confirming McMahon’s appointment as Chairman. Meanwhile, Stephanie McMahon also announced her resignation from the company. Nick Khan will now serve as the company’s lone CEO.
The former Co-CEO stated in her statement that she would like to go on leave, a decision she had also made before being handed over the reins of the company.
Vince McMahon commented on Stephanie McMahon’s departure in a press release (via corporate.wwe.com) and thanked his daughter for her contributions to 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,” said Vince McMahon.
The 77-year-old added that Nick Khan will serve as the company’s CEO, and they will look to maximize value for shareholders.
“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,” added Vince McMahon.
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Stephanie McMahon announced her departure after Vince McMahon became Executive Chairman
The former Chairwoman announced her departure from the company after her father was unanimously elected as Executive Chairman of the Board.
In her statement, Stephanie McMahon claimed she was confident in the company’s ability to create compelling content and maximize value for shareholders.
She also added that she would now take leave from the company, a decision she made last year but did not last long following Vince McMahon’s retirement.
“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.”
It appears that Triple H will remain in control of the company’s creative for the time being.
With WrestleMania 39 fast approaching, it remains to be seen whether Mr. McMahon will make any contributions to the creative decision-making of existing storylines.
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