Stephanie McMahon Resigns from WWE [Update: Vince McMahon Elected as Executive Chairman of WWE]

UPDATE:

Following Stephanie McMahon’s official resignation as WWE co-CEO and from the company itself, WWE announced that they have unanimously elected Vince McMahon to become their new Executive Chairman of their Board of Directors. WWE also announced that Nick Khan will remain as their sole CEO going forward.

Official press release:

WWE BOARD OF DIRECTORS UNANIMOUSLY ELECTS VINCE MCMAHON EXECUTIVE CHAIRMAN OF THE BOARD

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.

Vince McMahon:

“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.”

Stephanie McMahon:

“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.”

Nick Khan:

“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.”

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WWE co-CEO Stephanie McMahon announced this evening that she has officially resigned from the company.

In an internal letter sent to WWE’s employees (via PWInsider.com), McMahon stated her reasons for her decision to leave the company again.

Dear WWE Employees,

About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime. I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE. I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team and one of the strongest executives I have known in my Co-CEO, Nick Khan.

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.

I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan. I will always remain dedicated to WWE. I truly love our company, our Superstars, our fans, and our employees.

WWE is the success that it is because of your hard work. You are the unsung heroes. No matter your position, your work contributes to our mission and makes a difference in people’s lives.

Thank you for your faith and trust, it has been an honor to work alongside you.

Then. Now. Forever. Together.

Stephanie McMahon

McMahon posted a similar letter to WWE’s fans on Twitter.

Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv

— Stephanie McMahon (@StephMcMahon) January 10, 2023

McMahon had been WWE’s co-CEO since this past July following then former WWE CEO and Chairman Vince McMahon;s resignation from the company over his sexual misconduct allegations. Vince McMahon made his official return to WWE’s Board of Directors this past Friday leaving the future of his daughter Stephanie and others in WWE’s upper management in doubt.