The WWE has announced that Vince McMahon has been unanimously elected the Executive Chairman of the Board.
“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. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand,” Vince said.
Stephanie added, “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.”
Vince also announced that Nick Khan is now the sole CEO: “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.”
“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,” Khan said.
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.