The HBO show Succession has nothing on the machinations of the sports entertainment company WWE. Just days after Vince McMahon re-installed himself on the company’s board of directors, daughter Stephanie McMahon, who had been Co-CEO alongside Nick Khan, resigned effective immediately on Tuesday.
The news comes as WWE announces Vince McMahon has been unanimously elected Executive Chairman of the Board, with Nick Khan serving as CEO.
Stephanie announced the decision with an official statement on social media.
Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv
— Stephanie McMahon (@StephMcMahon) January 10, 2023
“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.”
It’s hard not to see Stephanie’s exit as related to Vince’s re-entry into the company leadership. Still, Vince commented positively on Stephanie’s departure in the company’s statement.
“I’d like to express my full support for Stephanie’s personal decision,” said the elder McMahon. “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.”
McMahon had previously retired as chairman of the company after various sexual misconduct scandals came to a head last year. Despite stepping out of the public eye, he retained majority voting power through his ownership of WWE‘s Class-B stock. And as the dust settled on the publicity surrounding his actions, he reportedly felt it was time to return so that he could presumably facilitate a sale of the company he built.
It’s unclear where all of this leaves Paul “Triple H” Levesque, a WWE legend who is currently its chief content officer and also happens to be Stephanie’s husband.
The drama behind the scenes at WWE is arguably crazier than what’s taking place on TV and the WWE world was shocked by the news on Tuesday.
“Wow! Stephanie stepping down,” said Wrestling Inc’s Justin LaBar.
Wow! Stephanie stepping down. https://t.co/GloNCpAaKG
— Justin LaBar (@JustinLaBar) January 10, 2023
“I look forward to the HHH resignation letter any day now as Vince forces his way back into every chair he previously sat in,” said Bleeding Cool’s Gavin Sheehan.
I look forward to the HHH resignation letter any day now as Vince forces his way back into every chair he previously sat in. #WWE https://t.co/CbXHvKS8Bg
— Gavin Sheehan (@TheGavinSheehan) January 10, 2023
“Wow. This seems…um…not good?” asked Forbes Sports’Blake Oestriecher.
Wow. This seems…um…not good?
Thanks, Stephanie McMahon. #WWE https://t.co/AFGPtMVUE4
— Blake Oestriecher (@BOestriecher) January 10, 2023
