WWE fires its top two executives in major shakeup as stocks plunge 22%

 
 

WWE’s Board of Directors fired the two Co-Presidents, George Barrios and Michelle Wilson, effective immediately, and in the process sent the WWE stocks plunging in a massive free fall.

“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization,” said WWE Chairman and CEO Vince 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.

Barrios was the Chief Financial Officer for the company while Wilson, one of the most powerful women working for WWE, was the Chief Marketing Officer. Both were given the Co-Presidents titles in 2018 with added responsibilities.

Barrios had been employed since 2008 and Wilson since 2009. They are also no longer part of the 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 McMahon. WWE has commenced a search for both a permanent Chief Financial Officer and Chief Revenue Officer.

Their dismissal comes a week before WWE announces their Q4 and full year financial results for 2019, signaling more bad news on the horizon.

WWE stocks went into a big free fall after trading hours closed, with their value losing almost $14 each share, ending the day 22% down.