WWE co-CEO Stephanie McMahon steps down as Vince McMahon returns

Stephanie McMahon has resigned as WWE co-chief govt officer and chairwoman after her father, Vince, was unanimously re-elected as the corporate’s govt chairman.

Stephanie McMahon returned from a depart of absence in July to take over as co-CEO after Vince retired amid allegations of sexual misconduct. She knowledgeable employees Tuesday that she is once more stepping down as Vince McMahon returns to facilitate a possible sale of the corporate.

“I can’t put into phrases how proud I’m to have helped lead what I contemplate to be the best firm on the planet and I’m assured WWE is within the excellent place to proceed to offer unparalleled artistic content material and drive most worth for shareholders,” Stephanie McMahon mentioned in an announcement.

Nick Khan, previously co-CEO alongside the youthful McMahon, will function the corporate’s sole CEO. Stephanie McMahon’s husband, Paul “Triple H” Levesque, will proceed to run WWE’s artistic division.

Stephanie McMahon introduced in Might she was taking a depart of absence from her prior position as chief model officer to concentrate on her household.

“I would like to precise my full help for Stephanie’s private resolution,” Vince McMahon mentioned in an announcement Tuesday. “I will without end be grateful that she provided to step in throughout my absence and I am actually happy with the job she did co-leading WWE. Stephanie has at all times been the final word ambassador for our firm, and her many years of contributions have left an immeasurable affect on our model.”

Vince McMahon, former CEO and controlling shareholder of the corporate, rejoined the WWE board of administrators final week and mentioned he would assist to facilitate a sale of the corporate.

WWE has been thought-about a sale goal for a while, CNBC beforehand reported, as the corporate owns mental property that may very well be precious to streaming service, merchandising and theme park companies.

The corporate has employed JPMorgan to advise on the potential sale, CNBC beforehand reported.

— CNBC’s Lillian Rizzo contributed to this text.

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