Stephanie McMahon quits WWE, and now Nick Khan is the only CEO.
Stephanie McMahon quit as co-CEO of WWE on Tuesday evening, less than a week after her father, Vince McMahon, came out of retirement and became chairman of the board.
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Before her father came back on Friday, Stephanie McMahon was also the head of the publicly traded company. She was co-CEO of WWE with Nick Khan. Nick Khan is now the only CEO of WWE. Her husband, WWE Hall of Famer Paul “Triple H” Levesque, is still in charge of the weekly TV stories for WWE. He got this job after Vince McMahon, who had been in charge of creative since 1982, left the company in July.
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Stephanie McMahon wrote on Twitter to her 3.2 million followers, “With Nick’s leadership and Paul ‘Triple H’ Levesque as chief content officer, I am confident that WWE is in the perfect place to continue to offer the best creative content and drive the most value for shareholders.”
“WWE is doing so well that I’ve decided to come back from my leave and give my official resignation. I’m excited to cheer for WWE from the other side of the business, as a fan, which is where I started when I was a kid.”
Vince McMahon Retirement from WWE
Vince McMahon left his job in July after allegations of sexual misconduct, which included payments made under a non-disclosure agreement. Even though McMahon paid for the NDA with his own money, he didn’t keep track of the $19.6 million in costs.
Vince McMahon said in a statement Thursday that he was coming back so that WWE could “fully capitalize” on upcoming talks about media rights. Next year, the wrestling company’s deals with USA and Fox for “Monday Night Raw” and “Friday Night SmackDown” will end.
“I’d like to say that I agree with Stephanie’s personal choice. I’ll always be grateful to her for stepping in when I couldn’t, and I’m very proud of the job she did as co-leader of WWE “Vince McMahon, who bought the business from his father in 1982, said this. “Stephanie has always been the best person to talk about our company, and her years of work have made a huge difference for our brand.
Read the full bio of Stephanie McMahon Father Vince McMahon
Vince McMahon said this about Khan, “Nick’s business sense and knowledge of the media industry have helped our business reach new heights in terms of revenue and profit. Together, we’re looking forward to working with the Board at this important time to look at all of our strategic options and get the most value for all WWE shareholders.”
These strategic options could lead to the company being sold before the media rights are negotiated. Vince McMahon’s return to the company meant that former WWE co-presidents Michelle Wilson and George Barrios were also back on the board.
Stephanie McMahon was an on-screen authority figure for a long time in WWE. She was often seen with her father and her husband, Triple H. She took a leave of absence in May, but she said she would come back after focusing on her family for a while.
Three weeks later, Stephanie McMahon came back to the company to help lead it through the scandal that had surrounded her father. Now that he is back, she has decided to leave again.
“Stephanie McMahon is a great boss and an even better person,” said Khan, who worked as an agent at CAA before becoming WWE’s president and negotiated WWE’s current media rights deals. “It has been a pleasure to work with her as co-CEO. She will only keep doing well.
“Vince McMahon and our Board of Directors have always been there for us. I’m looking forward to continuing to work closely with them and my WWE coworkers to make sure that our company stays the best in sports entertainment for many years to come.”
Vince McMahon is back at WWE before talks about media rights start.
Vince McMahon, who used to be CEO of WWE but still owns most of the company, said Thursday that he will return to the company to “fully capitalize” on the upcoming talks about media rights.
McMahon, who is 77 years old, quit his job in the summer after he was accused of sexual misconduct and paid to keep quiet. Even though McMahon paid for the NDA with his own money, he didn’t keep track of the $19.6 million in costs.
After McMahon left, Stephanie McMahon, his daughter, and Nick Khan, a longtime agent at CAA, took over as co-CEOs. In his announcement, Vince McMahon asked to be put back on the board of the publicly traded company as executive chairman. He also asked that former WWE co-presidents Michelle Wilson and George Barrios be given chair seats on the board.
Friday’s SEC filing shows that Vince McMahon, along with Wilson and Berrios, is now back on the board. They took three people off the board.
Also read the bio of Stephanie McMahon
In a statement released Friday, Chairwoman and Co-CEO Stephanie McMahon, Co-CEO Nick Khan, and Chief Content Officer Paul Levesque said that WWE founder Vince McMahon will be returning to the Board. “Michelle Wilson and George Barrios are also back on our Board of Directors. Together, we’re looking forward to looking at all of the strategic options to get the most value for our shareholders.”
McMahon tried to get back into the company before, but the board said no. He still has most of the voting power, though.
“WWE is at a very important point in its history,” McMahon said Thursday. “The upcoming negotiations over media rights are happening at the same time that the industry-wide demand for good content and live events is growing, and more companies want to own the intellectual property on their platforms.”
He also said, “My return will let WWE and anyone else involved in a transaction know that they will have the support of the controlling shareholder.”
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The rights deals that WWE has with Fox and USA end next year. Talks should start later in 2023. In 2022, WWE had its first year with a billion dollars in sales. In 1982, McMahon bought the company from his father. He then turn the company, which was the WWF at the time, into the biggest wrestling company in the world.
When McMahon left, his son-in-law, WWE Hall of Famer Paul “Triple H” Levesque, took over as the person in charge of making the TV shows for the company.
McMahon said, “WWE has a great management team in place, and I don’t plan for my return to change their roles, duties, or responsibilities in any way.”
Before McMahon gave the board written approval of his plans, he sent two letters in late December in which he stressed how important it was for him to come back.