A significant management change has been made behind-the-scenes in WWE and was formally announced to the public on Thursday.
WWE issued a press release on Thursday, January 30th, to publicly announce a change to their leadership structure, announcing that WWE Co-Presidents George Barrios and Michelle Wilson are both out of the company, effectively immediately.
The two will also no longer serve on the WWE Board of Directors.
WWE Stock Takes Bad Hit Following Significant “Management Transition” Announced By Company
The company sent out the following press release to announce the news, as well as the replacement for the former longtime top WWE executives.
WWE® ANNOUNCES MANAGEMENT TRANSITION
STAMFORD, Conn., January 30, 2020 – WWE (NYSE: WWE) today announced that Co-Presidents George Barrios and Michelle Wilson will depart the company, effective immediately, and will no longer serve on its Board of Directors.
Frank A. Riddick III, who has served as a member of WWE’s Board of Directors for more than 11 years, has been named interim Chief Financial Officer, reporting to WWE Chairman & CEO Vince McMahon. WWE has commenced a search for both a permanent Chief Financial Officer and Chief Revenue Officer.
WWE remains well positioned to continue its growth and operate effectively against its strategic priorities, including content creation and distribution, digitization, and localization in key markets around the world. The Company expects its full year 2019 Adjusted OIBDA to be approximately $180 million.
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization,” said McMahon. “I am grateful for all that was accomplished during their tenure, but the Board and I decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward.
“We have a deep team of talented, experienced and committed executives across the organization, and the Board and I have great confidence in our collective abilities to create compelling content, engage our global fanbase across platforms, increase revenues, and drive shareholder value.”
Riddick previously served as CEO for FloWorks International, LLC, JMC Steel Group, Formica Corporation, and Triangle Pacific Corp., and President/COO of Armstrong World Industries, Inc. He has also served in executive management positions, including Chief Financial Officer, Controller, Treasurer, and Vice President of Mergers and Acquisitions during a career that spans 40 years. Riddick also served as Compensation Committee Chairman and member of the Audit Committee as a part of WWE’s Board of Directors.
WWE, a publicly traded company (NYSE: WWE), is an integrated media organization and recognized leader in global entertainment. The company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family friendly entertainment on its television programming, pay-per-view, digital media and publishing platforms. WWE’s TV-PG, family-friendly programming can be seen in more than 800 million homes worldwide in 28 languages. WWE Network, the first-ever 24/7 over-the-top premium network that includes all live pay-per-views, scheduled programming and a massive video-on-demand library, is currently available in more than 180 countries. The company is headquartered in Stamford, Conn., with offices in New York, Los Angeles, London, Mexico City, Mumbai, Shanghai, Singapore, Dubai, Munich and Tokyo.
Additional information on WWE (NYSE: WWE) can be found at wwe.com and corporate.wwe.com. For information on our global activities, go to http://www.wwe.com/worldwide/.
Uht-oh, #WWE #stocks are taking a MASSIVE hit following SHOCKING NEWS today that the company has RELEASED longtime Co-Presidents George Barrios & Michelle Wilson as part of “MANAGEMENT TRANSITION”
Read the latest behind-the-scenes news and talk HERE: https://t.co/cAFa7nN0Z8 pic.twitter.com/J7XX7wqmFH
— Matt Boone (@MattBoone1984) January 31, 2020
- POSSIBLE *SPOILER* – WWE Re-Names & Re-Designs NXT Title To Set Up TOP Women’s Match, Star-Making Moment At WrestleMania 36 …
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