Stephanie McMahon, his daughter, who was serving as co-CEO of WWE alongside Nick Khan, has resigned. McMahon announced the decision on its social media pages on Tuesday evening.
“With Nick and Paul ‘Triple H’ Levesque’s leadership as Chief Content Officer, I am confident WWE is in the perfect place to continue to deliver unparalleled creative content and maximize shareholder value,” she wrote.
WWE has confirmed that Khan is now the sole CEO of the company. In addition, Vince McMahon was named CEO.
Khan and Stephanie McMahon were named CEO last year after Vince McMahon retired و After a board investigation into allegations that he had sexual relations with employees at the company, he later paid the women millions of dollars as part of his severance packages.
Her husband, Levesque, was promoted to oversee all content.
However, last week Vince McMahon exercised his power as the controlling shareholder in the company to fire three WWE board members and add himself and two former executives to the board. Two members of WWE’s board of directors resigned following the move.
McMahon said he felt he needed to return to pursue a review of strategic alternatives for the company — including a potential sale — ahead of media rights negotiations that were expected to begin this year.
However, the analysts She was on the fence about whether it will be an aid or a hindrance to the process.
Vince McMahon founded the company decades ago, and leads it alongside his wife, Linda McMahon. Stephanie McMahon appeared regularly as a performer, before taking on an executive role in recent years, including overseeing marketing, prior to her promotion to co-CEO.
In her statement, Stephanie McMahon said, “I look forward to cheering for WWE from the other side of the business, where I started when I was a little girl, as a wholehearted fan.”
“I will always be dedicated to WWE,” she added. “I really love our company, our employees, our stars, and our fans. And I’m grateful to all of our partners.”
In letters sent last month between the WWE board of directors (on which Stephanie and Levesque sit) and Vince, the board said they unanimously believe it would be wrong for him to return to the company.
“This decision is based on a variety of factors, including non-public information of which the Board has become aware and the risks to the Company and its shareholders from bringing more light to these issues,” the board wrote.
Wolfe analyst Peter Sopino highlighted McMahon’s return as a potential boon, but also a risk for the company, last week.
“Given TV ratings and stock outperformance since stepping down, we understand the board’s reluctance, but if the intent is to pursue the sale while removing uncertainty about Vince’s intent for bidders and shareholders, we welcome the move,” Sopino wrote, adding, “We also wonder if Vince would have inserted himself into management, adding major buyer risks.”