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Mike CoppingerESPN
Stephanie McMahon announced her resignation as co-CEO of WWE on Tuesday night, less than a week after her father, Vince McMahon, retired and returned as chairman of the board.
Stephanie McMahon was also chair of the publicly traded company’s board of directors before her father’s return on Friday. She shared co-CEO duties alongside Nick Khan, who is now the sole CEO of WWE. Her husband, WWE Hall of Famer Paul “Triple H” Levesque, remains firmly in place as the one leading weekly WWE television storylines, a position he rose to after Vince McMahon, who had been in charge of creative since 1982, initially walked away from the show. company in July.
“With Nick and Paul ‘Triple H’ Levesque leading the charge as Director of Content, I am confident WWE is in the perfect place to continue to deliver unparalleled creative content and maximize shareholder value,” Stephanie McMahon wrote in a statement released on Twitter. 3.2 million followers.
“WWE is in such a strong position that I have decided to go back on my sabbatical and take it one step further with my official resignation. I look forward to cheering for WWE from the other side of the business, where I started as a little kid, as a wholehearted fan.”
Vince McMahon’s retirement in July followed allegations of sexual misconduct that included non-disclosure agreement payments. Although McMahon used personal funds for the NDA payments, he failed to record those expenses, which totaled $19.6 million.
In a statement announcing his return Thursday, Vince McMahon said the move was to “take full advantage” of WWE’s upcoming media rights negotiations. The wrestling company’s network deals with USA and Fox for “Monday Night Raw” and “Friday Night SmackDown,” respectively, expire next year.
“I would like to express my full support for Stephanie’s personal decision. I will be forever grateful that she offered to step in during my absence and I am truly proud of the job I’ve had leading WWE,” said Vince McMahon. , who purchased the company from his father in 1982. “Stephanie has been the ultimate ambassador for our company, and her decades of contributions have made an immeasurable impact on our brand.
Vince McMahon added of Khan, “Nick’s business acumen and mastery of the media industry have helped propel our business to record revenue and profitability. Together, we look forward to working with the Board of Directors at this crucial moment to review our strategic alternatives and maximize value for all WWE shareholders.”
These strategic alternatives may result in the company being sold prior to media rights negotiations. In returning to the company, Vince McMahon also welcomed former WWE co-chairs Michelle Wilson and George Barrios back to the board of directors.
Stephanie McMahon has long been a mainstay in WWE as an on-screen authority figure, often alongside her father and husband Triple H. She took a vacation in May but said she would return after taking some time off to focus on her family.
Stephanie McMahon returned three weeks later to help guide the company through the controversy surrounding her father. With his return, I now decided to move away again.
“Stephanie McMahon is an amazing CEO and an even better person,” Khan said. “It has been an honor to work with her as Co-CEO. She will only continue to succeed.
“I am grateful to Vince McMahon and our Board of Directors for their continued support. I look forward to continuing to work closely with them and my colleagues at WWE to ensure our company thrives as the number one force in sports entertainment for years to come.”
