Less than a week after Vince McMahon appointed himself to the WWE board of directors, the company is undergoing a major leadership shake-up.
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Stephanie McMahon daughter of Vince McMahon, who had been serving as co-CEO of the WWE alongside Nick Khan, has resigned.
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The WWE confirmed that Khan is now the sole CEO of the company. In addition, Vince McMahon has been named executive chairman.
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Khan and Stephanie McMahon were named co-CEOs last year after Vince McMahon retired following a board investigation into allegations.
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Vince McMahon had sexual relationships with employees at the company and subsequently paid the women millions of dollars as part of their severance packages.
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In July 2022, Vince McMahon stepped down as CEO and Chairman after it emerged that he had paid out over $12 million in “hush money” to a number of women who were once employees of WWE.
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Vince McMahon returned last week with the stated intent to perform a “strategic review” of the company and potentially explore a sale with WWE’s media right’s deals up in 2024.
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Vince McMahon founded the company decades ago, and led it alongside his wife Linda McMahon.
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Stephanie McMahon said in her statement, I will always remain dedicated to WWE, I truly love our company, our employees, our superstars, and our fans. And I am grateful to all of our partners.
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Since that news, WWE’s stock is up about 25 percent, from $72 a share to $90. The total value of the company is at $6.7 billion, as of market close on Tuesday.
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