LAS VEGAS, NEVADA – JULY 02: Vince McMahon, Stephanie McMahon and Triple H attend the UFC 276 event at T-Mobile Arena on July 02, 2022 in Las Vegas, Nevada.
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Stephanie McMahon has stepped down as Co-CEO and Chair of WWE after her father, Vince, was unanimously re-elected as the company’s Executive Chairman.
Stephanie McMahon returned from a leave of absence to take over as co-CEO in July after Vince retired following allegations of sexual misconduct. She told employees Tuesday that she is stepping down again as Vince McMahon returns to facilitate a potential sale of the company.
“Words cannot express how proud I am to have helped lead what I consider to be the largest company in the world, and I am confident that WWE is in the perfect position to continue providing unparalleled creative content and the to drive maximum value for shareholders.” Stephanie McMahon said in a statement.
Nick Khan, formerly co-CEO alongside younger McMahon, will serve as the company’s sole CEO. Stephanie McMahon’s husband, Paul “Triple H” Levesque, will continue to lead the creative department of WWE.
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 will forever be grateful that she offered to fill in during my absence and I am truly proud of the work she has done as co-leader of WWE. Stephanie has always been the ultimate ambassador for our company, and her contributions over the decades have remained an immeasurable impact on our brand.”
Vince McMahon, the company’s former CEO and controlling shareholder, rejoined the WWE Board of Directors last week and said he would help facilitate a sale of the company.
WWE has been considered a sales target for some time, CNBC previously reported, as the company owns intellectual property that could be valuable to streaming service, merchandising and theme park companies.
The company has hired JPMorgan to advise on the potential sale, CNBC previously reported.
— CNBC’s Lillian Rizzo contributed to this article.
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