Stephanie McMahon has resigned as WWE President and Co-CEO


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CNN

Four days after her disgraced father returned to the WWE board of directors, co-CEO and President of the wrestling company Stephanie McMahon has resigned from the company.

“I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident that WWE is perfectly positioned to continue to deliver unparalleled creative content and maximize shareholder value,” she said in a statement. New release.

The move comes as the WWE board of directors elected her father, Vince McMahon, as CEO of the board.

“I would like to express my full support for Stephanie’s personal decision,” he said in the statement. “I will be forever grateful that she offered to step in during my absence and I am truly proud of the job I had at helming WWE.”

WWE said that Nick Khan, who was co-CEO with Stephanie McMahon, will serve as CEO.

On January 6, WWE has been confirmed Vince McMahon’s return to the board of directors also announced that he “intends to conduct a review of its strategic alternatives with the goal of maximizing value for all WWE shareholders”, suggesting that the company could explore a sale.

Vince McMahon retired as CEO in July 2022, but remains the majority shareholder in the company. After his departure, WWE disclosed multiple expenses that Vince McMahon had not previously reported, totaling $19.6 million. This forced the company to revise its financial statements for the years 2019, 2020 and 2021.

Although many of the payments relate to the company’s investigation into his alleged sexual misconduct with former employees, Vince McMahon reportedly paid an undisclosed $5 million to former President Donald Trump’s charity, the Donald J. Trump Foundation, in 2007 and 2009, According to The Wall Street Journal.

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the magazine mentioned In July 2022 Vince McMahon paid four women more than $12 million to cover up “allegations of sexual misconduct and infidelity”.

In addition to his return last week, McMahon shook up the company’s board of directors and replaced three people.

— CNN’s Jordan Valensky contributed to this report

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