WWE recently announced that the company has now unanimously elected VInce McMahon as the Executive Chairman of the Board.
The 77-year-old resigned in July last year amidst allegations of paying "hush money" to former female employees. He was replaced by his daughter, Stephanie McMahon, and Nick Khan as Co-CEOs following his departure.
However, Stephanie McMahon announced her resignation from the company shortly Mr. McMahon was elected as Executive Chairman of the Board. Nick Khan will now serve as the company's lone CEO. The former Co-CEO stated in her statement that she would like to go on leave, a decision she had also made before being handed over the reins of the company.
Vince McMahon commented on Stephanie McMahon's departure in a press release (via corporate.wwe.com) and thanked his daughter for her contributions to the company.
“First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand," said Vince McMahon.
The 77-year-old added that Nick Khan will serve as the company's CEO, and they will look to maximize value for shareholders.
“I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders," added Vince McMahon.