Stephanie McMahon, daughter of Nick Kahn, has resigned as co-CEO of WWE. McMahon announced the decision on his social media pages on Tuesday evening.
“With Nick at the helm and Paul ‘Triple H’ Levesque as Chief Content Officer, I believe WWE is in the right place to continue to deliver unparalleled creative content and maximize shareholder value,” he wrote.
WWE confirmed that Khan is now the sole CEO of the company. Additionally, Vince McMahon was named Acting Chairman.
Khan and Stephanie McMahon succeeded Vince McMahon as co-CEOs last year. Retired The group awarded the women millions of dollars as part of their severance packages following an investigation into allegations that he had sex with employees at the company.
Her husband, Levesque, was promoted to oversee all content.
However, last week Vince McMahon used his power as the company’s controlling shareholder to fire three of WWE’s board members, adding himself and two former executives to the board. Two WWE board members resigned following the move.
McMahon said he felt the need to return to review strategic alternatives for the company — including a possible sale — ahead of media rights negotiations expected to begin this year.
However, researchers They have been on the fence As to whether he will help or hinder the process.
Vince McMahon founded the company decades ago and co-leads it with his wife, Linda McMahon. Stephanie McMahon continued to appear as an actor before taking on an executive role in recent years, including overseeing marketing, before being promoted to co-CEO.
Stephanie McMahon said in her statement, “I look forward to cheering on WWE from the other side of the business where I started as a pure fan when I was a little kid.”
“I will always be dedicated to WWE,” he added. “I truly love our company, our employees, our superstars and our fans. And I am grateful to all our partners.
In letters sent between the WWE board (where Stephanie and Levesque sit) and Vince last month, the board said they unanimously believed it was a mistake for him to return to the company.
“This determination is based on a number of factors, including non-public information known to the board and the risks to the company and its shareholders in drawing too much attention to these issues,” the board wrote.
Wolff analyst Peter Zupino highlighted McMahon’s arrival last week as a potential boon for the company, but also a risk.
“We understand the board’s reluctance, based on the TV ratings and stock performance since the move away from television, but we welcome this move if it removes uncertainty about Vince’s intentions for bidders and shareholders to proceed with the sale,” Supino wrote. “We wonder if Vince will enter administration himself, which adds title risk to the buyer.”