Late Tuesday evening, Stephanie McMahon announced that she was resigning from her position as WWE co-CEO and Chairwoman of the Board. In the statement, McMahon alluded to her previous leave of absence.
Part of her statement reads “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.
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.”
Brandon Thurston said that the statement she sent to WWE employees had an additional paragraph directed at them.
Just five days ago, Vince McMahon forced his way back into WWE, along with former co-presidents, Michelle Wilson and George Barrios. He returned under the guise of trying to either sell the company or media rights. In order for the three to return, three members had to vacate. In addition, two members also resigned once it was clear that McMahon would returning.
McMahon returned just three weeks after the story about another woman came forward that he sexually assaulted her. The former CEO resigned over the summer due to a board investigation that uncovered $19 million in hush payments paid out to over six women.
Vince McMahon elected Executive Chairman
Shortly after Stephanie announced her resignation, WWE Corporate put out a statement that Vince had been unanimously elected as Executive Chairman of the Board.
Vince said, “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.”
Nick Khan also had a statement. “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.”
Stephanie has already been removed from the “Leadership” section of WWE’s website and Khan’s title has been updated to CEO.
Fightful Select said that it was being framed to them that Stephanie was resuming her leave of absence. During a January 6 meeting with employees, “Stephanie said ‘there’s naturally some animosity” before correcting the term “angst” regarding some’s feelings about Vince McMahon forcing his way back in.”
This is still a developing story. Stay tuned to Daily DDT for the latest.