Four days after her disgraced father returned to WWE’s board, the wrestling company’s co-CEO and chairwoman Stephanie McMahon resigned from the company.
“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,” she said in a news release.
The move comes as WWE’s board of directors elected her father, Vince McMahon, as executive chairman of the board.
“I’d like to express my full support for Stephanie’s personal decision,” he said in the release. “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.”
WWE said Nick Khan, who was co-CEO with Stephanie McMahon, will serve as CEO.
On January 6, WWE confirmed Vince McMahon’s return to the board and also announced it “intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders,” suggesting that the company could be exploring a sale.
Vince McMahon retired as CEO in July 2022, but remains the company’s majority shareholder. Following his departure, WWE disclosed multiple expenses that Vince McMahon hadn’t previously reported, totaling $19.6 million. That forced the company to revise its financial statements for 2019, 2020 and 2021.
Although many of the payments are related to the company’s investigation of his alleged sexual misconduct with former employees, Vince McMahon reportedly made undisclosed payments of $5 million to former President Donald Trump’s charity, the Donald J. Trump Foundation, in 2007 and 2009, according to the Wall Street Journal.
The Journal reported in July 2022 that Vince McMahon paid more than $12 million to four women to cover up “allegations of sexual misconduct and infidelity.”
In addition to his return last week, McMahon shook up the company board and replaced three people.