Stephanie McMahon resigned as co-CEO of WWE on Tuesday evening, less than a week after her father, Vince McMahon, stepped down as chairman of the board.
After Stephanie McMahon’s resignation, who is the current CEO of WWE?
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Stephanie McMahon was the CEO of the publicly traded company before her father returned on Friday. She co-founded WWE with Nick Khan. WWE’s sole CEO is now Nick Khan. Her husband, WWE Hall of Famer Paul “Triple H” Levesque, continues to oversee WWE’s weekly television stories. He was hired after Vince McMahon, the company’s creative director since 1982, left in July.
Stephanie McMahon wrote to her 3.2 million Twitter followers, “With Nick’s leadership and Paul ‘Triple H’ Levesque as chief content officer, I am confident that WWE is in the perfect place to continue to offer the best creative content and drive the most value for shareholders.”
“WWE is doing so well that I’ve decided to return from my leave and officially resign.” “I’m excited to cheer for WWE from the other side of the business, as a fan, because that’s where I started as a kid.”
Mr. Vince McMahon WWE’s retirement
Vince McMahon resigned in July following allegations of sexual misconduct, including payments made under a non-disclosure agreement. McMahon paid for the NDA with his own money, but he failed to keep track of the $19.6 million in costs.
Vince McMahon said in a statement Thursday that he was returning so that WWE could “fully capitalize” on upcoming media rights talks. The wrestling company’s contracts with USA and Fox for “Monday Night Raw” and “Friday Night SmackDown” will expire next year.
“I’d like to express my support for Stephanie’s personal choice.” I’ll be eternally grateful to her for stepping in when I couldn’t, and I’m very proud of the job she did as WWE’s co-leader.”This was stated by Vince McMahon, who purchased the company from his father in 1982. “Stephanie has always been the best person to speak about our company, and her years of hard work have made a significant difference for our brand.”
“Nick’s business sense and knowledge of the media industry have helped our business reach new heights in terms of revenue and profit,” Vince McMahon said of Khan. We look forward to working with the Board at this critical juncture to evaluate all of our strategic options and maximize value for all WWE shareholders.”
These strategic options may result in the sale of the company before the media rights are negotiated. With Vince McMahon’s return to the company, former WWE co-presidents Michelle Wilson and George Barrios were also reinstated.
Stephanie McMahon served as an on-screen authority figure in WWE for a long time. She was frequently photographed with her father and her husband, Triple H. She took a leave of absence in May, but she promised to return after spending some time with her family.
Stephanie McMahon returned to the company three weeks later to help lead it through the scandal that had engulfed her father. She has decided to leave again now that he has returned.
“Stephanie McMahon is a great boss and an even better person,” said Khan, who was a CAA agent before becoming WWE’s president and negotiated the company’s current media rights deals. “It’s been a pleasure to collaborate with her as co-CEO.” She will only get better.
“Our Board of Directors and Vince McMahon have always been there for us.” I’m excited to continue working closely with them and my WWE colleagues to ensure that our company remains the best in sports entertainment for many years to come.”
Vince McMahon has returned to WWE before discussions about media rights begin
Vince McMahon, who used to be WWE’s CEO but still owns the majority of the company, said Thursday that he will return to the company to “fully capitalize” on upcoming media rights talks. McMahon, 77, resigned from his job in the summer after being accused of sexual misconduct and paying to remain silent. McMahon paid for the NDA with his own money, but he failed to keep track of the $19.6 million in costs.
Stephanie McMahon, his daughter, and Nick Khan, a longtime CAA agent, took over as co-CEOs after McMahon left. In his announcement, Vince McMahon asked to be reinstated as executive chairman of the publicly traded company. He also requested that former WWE co-presidents Michelle Wilson and George Barrios be appointed to the board as chairpersons.
According to the SEC filing on Friday, Vince McMahon, along with Wilson and Berrios, is now back on the board. They removed three people from the board.
WWE founder Vince McMahon will return to the Board, according to a statement released Friday by Chairwoman and Co-CEO Stephanie McMahon, Co-CEO Nick Khan, and Chief Content Officer Paul Levesque. “Michelle Wilson and George Barrios have both returned to our Board of Directors.” We are excited to examine all strategic options together in order to maximize value for our shareholders.”
McMahon previously attempted to re-enter the company, but the board refused. However, he retains the majority of the voting power.
“WWE is at a very important point in its history,” McMahon stated on Thursday. “The upcoming media rights negotiations are taking place at the same time as the industry’s demand for good content and live events is increasing, and more companies want to own the intellectual property on their platforms.”
He also stated that “my return will let WWE and anyone else involved in a transaction know that they will have the support of the controlling shareholder.”
WWE’s rights agreements with Fox and USA expire next year. Talks are expected to begin later in 2023. WWE had its first year with a billion dollars in sales in 2022. McMahon purchased the company from his father in 1982. He then built the company, which was known as the WWF at the time, into the largest wrestling organization in the world.
When McMahon stepped down, his son-in-law, WWE Hall of Famer Paul “Triple H” Levesque, took over as the person in charge of creating the company’s TV shows.
“WWE has a great management team in place,” McMahon said, “and I don’t plan for my return to change their roles, duties, or responsibilities in any way.”
Before giving the board written approval of his plans, McMahon sent two letters in late December emphasizing the importance of his return.
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