Less than a week after Vince McMahon appointed himself to the WWE board of directors, the company is undergoing a major leadership shakeup.
Stephanie McMahon, his daughter, who had been serving as co-CEO of the WWE alongside Nick Khan, has resigned, according to The Hollywood Reporter. McMahon announced the decision on her social media pages Tuesday evening.
Shortly after, the WWE board announced it had unanimously elected Vince McMahon executive chairman and that Khan would serve as the sole CEO.
“First, I’d like to express my full support for Stephanie’s personal decision,” Vince McMahon said in a statement. “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.”
In the same statement, Kahn added: “I’m grateful to Vince McMahon and our Board of Directors for their ongoing support. I look forward to continuing to work closely with them and my WWE colleagues to ensure our company may thrive as the premiere powerhouse in sports entertainment for years to come.”
The news comes a day after WWE announced record-breaking Wrestlemania sales as the company prepares for a sale.
(This story was updated to include the quotes from the statement and the election results.)
