On Thursday afternoon, the WWE announced a “management transition” as co-presidents George Barrios and Michelle Wilson are leaving the company and no longer serve on its Board of Directors.
Frank A. Riddick III has been named an interim Chief Financial Officer and will report to WWE Chairman & CEO Vince McMahon. There will be a search for a permanent CFO and Chief Revenue Officer.
Barrios and Wilson, longtime executives of WWE, were promoted to co-presidents and appointed to WWE’s board of directors in 2018.
As of this writing, WWE after hours stock trading was down over 20% to $48.50.
Payout Perspective:
This can only be seen as a removal due to conflicts with the future of the company and past performance. McMahon said the shakeup was due to “conflicting strategic visions for the company” per Variety. A part of this issue has to do with the stock price in recent months as well as its ratings for RAW, SmackDown on Fox and NXT on USA.
With the news of a new successor, one has to expect a dramatic turn for the company with respect to programming as a way to boost ratings. The change occurs during one of the busiest parts of the company’s year, the leadup to its biggest event -Wrestlemania held each spring.
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