Stephanie McMahon, the daughter of businessman and professional wrestling promoter in the United States Vince McMahon, announced her resignation as the co-CEO of the World Wrestling Entertainment (WWE) on Tuesday. This happened after Mr McMahon returned to the company last week, according to a report in New York Post. He was unanimously elected the executive chairman of by the board of directors, according to a company release. Mr McMahon had retired in July last year amid a sexual misconduct probe against him.
Ms McMahon posted her resignation letter on Twitter in which she 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.”
She added: “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.”
Since the news of Mr McMahon’s return, WWE’s stock is up about 25 per cent – from $72 to $90. The total value of the company is at $6.7 billion, according to the Post report.
The Wall Street Journal (WSJ) said in a report that Mr McMahon has come back explore strategic alternatives, which tends to mean sale.
Soon after taking over, he removed JoEllen Lyons Dillon, Jeffrey R Speed and Alan M Wexler from the board. Two other members – Ignace Lahoud and Man Jit Singh – resigned as board members, effective Friday, the WSJ report further said.
Mr McMahon sent a letter to WWE’s board in December where he expressed his desire to come back to guide a strategic review process, the outlet said, quoting sources. The board had welcomed his return, but unanimously decided that his return won’t be in the shareholders’ best interest, the WSJ further said.
However, the 77-year-old communicated to the board that he won’t support any media rights deal or sale unless he has direct involvement as executive chairman. Mr McMahon is still the majority owner in the company, as per the Journal.
Reports have emerged in some media outlets that several buyers are interested in WWE, including Saudi Arabia’s Public Investment Fund since Mr McMahon wants it to go back to being private. But there is no confirmation about it so far.
WWE is the biggest professional wrestling company with broadcasting deals all over the world. As per CNN, the company went public in August 1999. It was previously owned by the McMahon family.
Featured Video Of The Day
Jammu Village Defence Groups Get New Weapons After Terrorist Attacks