Stephanie McMahon is stepping down from her position at WWE. On Tuesday, McMahon announced she is exiting the company after being named co-CEO with Nick Khan last year. This comes after McMahon’s father, Vince McMahon, returned to WWE after announcing his retirement in July.
“About 8 months ago, I took a love of absence and within a few weeks, unexpectedly had the opportunity of a lifetime,” Stephanie McMahon wrote in a letter to WWE fans. “I had the privilege to return as the co-CEO and chairwoman of the board for WWE. 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.
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“Our founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick’s leadership and Paul ‘Triple H’ Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders. WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation.”
McMahon went on to say that she looks forward to “cheering on WWE for the other side of the business” which is a “pure fan.” She added that she will “remain dedicated to WWE” and loves “our company, our employees, our Superstars and our fans.” With the move, this means Kahn is the sole CEO of WWE. The company also announced that the WWE board voted Vince McMcMahon to be chairman of the board.
“First, I’d like to express my full support for Stephanie’s personal decision,” Vince 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.”
