What is the old motto in the wrestling world… Never Say Never. A few days after Vince McMahon was put back on the WWE Board of Directors, there was more fallout from that decision. Stephanie McMahon, his daughter, CO-CEO, and Chairwoman of the Board of Directors resigned from both positions Tuesday evening.
She confirmed this via her Twitter account.
Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv
— Stephanie McMahon (@StephMcMahon) January 10, 2023
Once Stephanie McMahon resigned from both positions, WWE announced that Vince McMahon was unanimously elected as Executive Chairman of the WWE Board of Directors. In addition, Nick Khan would become the sole CEO of the company. WWE immediately sent out a press release confirming as much.
A press release from WWE brought word that Vince McMahon has been unanimously elected Executive Chairman of the Board, with Nick Khan serving as CEO:
STAMFORD, Conn., January 10, 2023– WWE (NYSE: WWE) today announced that its Board of Directors unanimously elected Vince McMahon Executive Chairman of the Board.
Stephanie McMahon has resigned from her roles as Chairwoman and Co-CEO.
Nick Khan will serve as WWE CEO.
“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.”
“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 WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders.”
“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.”
According to Sean Ross Sapp of Fightful.com, he was told that Triple H would remain the Chief Content Officer, meaning he will be heading all creative on TV along with heading up talent and live events. As we know in this business things could change quickly.
Recall, Stephanie McMahon took a leave of absence from the company in May of 2022. She was brought back five weeks later after the revelations surrounding Vince and he is subsequent retirement. Though she claims it is part of the same leave she took in May, there is more to it. Again nobody knows why she resigned out of the blue in May.
According to Bryan Alvarez of Wrestling Observer, morale inside WWE is low. There were a lot of people inside the company that liked Stephanie McMahon.
With Vince McMahon back in charge nobody knows what the next step is. There are reports the company is being sold. We will have more on that later.
Stay Tuned For More as things develop as 2023 has already had its top wrestling story of the year.
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