Stephanie McMahon announced her resignation as co-CEO of WWE on Tuesday night, less than a week after her father, Vince McMahon, came out of retirement and returned as chairman of the board.
Stephanie McMahon was also president of the publicly traded company before her father returned on Friday. She shared co-CEO duties alongside Nick Khan, who is now WWE’s sole CEO. Her husband, WWE Hall of Famer Paul “Triple H” Levesque, remains firmly in place as head of WWE’s weekly television storylines, a position he rose to after Vince McMahon, who had been in charge of creation since then. 1982, first walked away from the company in July.
“With the leadership of Nick and Paul ‘Triple H’ Levesque as Chief Content Officer, I am confident WWE is the perfect place to continue to deliver unparalleled creative content and drive maximum shareholder value.” wrote Stephanie McMahon in a statement posted on Twitter to her 3.2 million followers.
“WWE is in such a strong position that I have decided to go back on my leave and take it even further with my official resignation. I look forward to cheering WWE on the other side of the business, where I started when I was a little kid, as a pure fan.”
Vince McMahon’s retirement in July came following allegations of sexual misconduct which included non-disclosure agreement payments. Although McMahon used personal funds for NDA payments, he did not record these expenses, which totaled $19.6 million.
In a statement announcing his return on Thursday, Vince McMahon said the decision was made to “fully capitalize” on upcoming WWE 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 always be grateful that she offered to step in while I was away and I am truly proud of the job she has done co-leading WWE,” said said Vince McMahon. , who purchased the company from her father in 1982. “Stephanie has always been our company’s ultimate ambassador, and her decades of contributions have left an immeasurable impact on our brand.
Vince McMahon added of Khan, “Nick’s business acumen and mastery of the media industry has helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board of Directors at this critical time to review our strategic alternatives and maximize value for all WWE shareholders.”
These strategic alternatives could lead to a sale of the company prior to media rights negotiations. Returning to the company, Vince McMahon also welcomed former WWE Co-Chairmen Michelle Wilson and George Barrios to the board.
Stephanie McMahon was a staple in WWE as an on-screen authority figure, often alongside her father and husband, Triple H. She took time off in May, but said she would return after taking the time to focus on his family.
Stephanie McMahon returned three weeks later to help lead the company through the controversy surrounding her father. With her return, she has now decided to walk away again.
“Stephanie McMahon is a great leader and an even better person,” said Khan, who brokered WWE’s current media rights deals as an agent at CAA before joining WWE as president. “It was an honor to be co-CEO with her. She will only continue to be successful.
“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 WWE colleagues to ensure our business can thrive as a premier powerhouse electric sports entertainment for years to come.”