Earlier this month, Stephanie McMahon stepped down as Chairwoman and co-CEO of WWE. The news came just days after her father, Vince McMahon, reinstated himself to WWE’s Board of Directors after retiring last summer amid multiple sexual misconduct allegations. More details have now emerged regarding Stephanie’s resignation.
According to the Wrestling Observer Newsletter, Stephanie was “about to be demoted” following her father’s return, so she ultimately decided to completely step away from the company with the knowledge that she didn’t require the job — or its paycheck — moving forward. Of course, Stephanie began a sabbatical last year, but was brought back into the fold when the allegations against Vince were made public by the Wall Street Journal. Additionally, WON notes that her departure signaled “a lot stronger move,” instead of resuming her leave of absence and remaining on WWE’s Board.
Stephanie, who became a full-time employee of WWE after graduating from Boston University in 1998, posted a statement online revealing her resignation and clarified that she would still support WWE “from the other side of the business.” Meanwhile, her husband, Paul “Triple H” Levesque, remains in charge of WWE’s creative as Chief Content Officer, despite Vince’s comeback. Her father, now serving as Executive Chairman once again, is seeking out “strategic alternatives” for the promotion regarding upcoming U.S. media rights negotiations and a potential sale of the company. WWE has brought financial experts JP Morgan on board to assist the sale process, with several suitors reportedly interested in buying the organization, including Saudi Arabia’s Public Investment Fund.
Source: Wrestling Inc.