In an announcement that surprised many Tuesday, co-chief executive and chairwoman of the board Stephanie McMahon resigned from World Wrestling Entertainment.
In a statement released on Twitter, McMahon said:
“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 the 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.”
The resignation comes days after her father, Vince McMahon, returned to the company after retiring in July amid an investigation into allegations that he had sexual relationships with employees at the company and subsequently paid those women millions of dollars as part of their severance packages. After his departure, WWE disclosed multiple expenses that McMahon hadn’t reported, totaling $19.6 million. That forced the company to revise its financial statements for 2019, 2020 and 2021.
Using his controlling stake in the company, McMahon on Jan. 5 installed himself and two former executives back on the WWE board of directors.
Vince McMahon released a statement soon after Tuesday’s announcement that read, “”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.”