WWE has confirmed Stephanie McMahon’s departure and announced that Vince McMahon has unanimously been elected the Executive Chairman of the Board.
The company announced the news in a press release on January 10. In it, Vince expressed his gratitude for Stephanie by saying, “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.”
Vince also announced that Nick Khan is now the sole CEO, and he highlighted Khan’s “business acumen and mastery of the media industry.” He stated stated that he looks forward to working with the WWE Board at “this critical moment” to review the company’s strategic alternatives and maximize value for all WWE shareholders.
From WWE:
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.”
Stephanie was named first the Interim WWE CEO when Vince stepped back from his position as chairman and CEO amid a WWE board investigation into allegations of sexual misconduct and hush money in June 2022. Vince then retired on July 22, and Stephanie was appointed the co-CEO alongside Khan. Vince returned to the WWE Board of Directors on January 6, one day after he confirmed his intention to come back and participate in negotiations for media rights deals and a potential sale.
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