WWE co-CEO Stephanie McMahon steps down as Vince McMahon returns

Stephanie McMahon has resigned as WWE co-chief executive officer and chairman after his father, Vince, was unanimously re-elected as the company’s executive chairman.

Stephanie McMahon returned from leave in July to take over as co-CEO after Vince retired amid allegations of sexual misconduct. He told staff Tuesday that he’s stepping down again because Vince McMahon is back to facilitate the sale of the company.

“I can’t say enough how proud I am to be helping what I believe to be the greatest company in the world and I believe WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for our shareholders,” Stephanie McMahon said. in the statement.

Nick Khan, who previously served as CEO alongside the younger McMahon, will become the company’s sole CEO. Stephanie McMahon’s husband, Paul “Triple H” Levesque, will continue to run WWE’s creative division.

Stephanie McMahon announced in May that she was taking a leave of absence from her previous role as chief brand officer to focus on her family.

“I want to express my full support for Stephanie’s personal decision,” Vince McMahon said in a statement Tuesday. “I’ll be forever grateful that he offered to step in in his absence and I’m very proud of the job he’s done leading WWE. His impact on our brand is immeasurable.”

Vince McMahon, former CEO and controlling shareholder of the company, joined the board of directors of WWE last week and said he would help facilitate a sale of the company.

WWE has been considered a potential sale target for some time, CNBC previously reported, because the company has intellectual property that could be useful for its streaming services, merchandising and theme park businesses.

The company has hired JPMorgan to advise on a potential sale, CNBC previously reported.

– CNBC’s Lillian Rizzo contributed to this article.

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