WWE said that its board of directors unanimously elected Vince McMahon executive chairman of the board.
Last week, the wrestling company announced that it would explore “strategic alternatives,” indicating the company could be for sale.
McMahon’s daughter, Stephanie McMahon has resigned as chairwoman and co-CEO of WWE. Nick Khan, who had been co-CEO, will serve as CEO.
Last year, Vince McMahon retired as chairman and CEO of WWE in the wake of investigations into payments made to a former WWE employee with whom McMahon allegedly had an affair.
McMahon last week returned to the board, bringing two other directors with him and removing three directions using his power as controlling shareholder of the company. Two other directors resigned.
“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,“ Vince McMahon said. “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,” McMahon said.
WWE stock jumped after McMahon’s return and the announcement that the company would explore strategic alternatives. WWE shares hit a 52-week high on Tuesday and closed at $90.24, up 2.73%.
“Stephanie McMahon is a terrific executive and an even better person. It has been an honor to serve as Co-CEO with her. She will only continue to succeed,” Khan said. “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.” ■
