Creating a hassle condition, WWE suddenly announced the departure of two of the name who used to run the company. WWE Co-Presidents George Barrios and Michelle Wilson are no longer a part of the WWE brand and will no longer serve on the Board of Directors. These two were just next to Vince McMahon when it comes to power within the company.
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Sooner the news was spread, the stock of WWE started to low down. As per Bloomberg, WWE has lost over $1 billion in market value as its share prices in the USA market started to go down. It fell down for around 28% and Loop Capital’s Alan Gould reported that WWE now has “diminished confidence”. Apparently, they don’t have a backup plan which is scary news for the biggest organization when it comes to pro-wrestling.
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According to the reports of Dave Meltzer of the Wrestling Observer, WWE, as a company, no longer has a plan in case Vince McMahon dies. This is one of the key reasons why the stock price fell. The general belief was that if something happens to McMahon, Barrios, and Michelle would serve as the backbone. But with these two being gone, the investors are scared of what could happen to the global brand.
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Barrios and Michelle have served for 11 years in the co-presidents’ role under the leadership of Vince McMahon to become trusted figures. Triple H & Stephanie McMahon may handle the wrestling oriented things but they can’t run WWE as a company. Wall Street will never accept them in that role. Here’s more from the reports of Meltzer,
“Now nobody knows who will run the company and that uncertainty is one of the reasons the stock price dropped a lot. The company is still safe for 5 years no matter what even if something happens to Vince and there’s chaos you still have that revenue coming in.
At that point, it would make things really strange because again, we don’t know who’s gonna be running the company. We have no idea. It’s not gonna be Paul Levesque (Triple H) — it’s not gonna be Stephanie [McMahon].
I mean, Paul Levesque will run the wrestling end, but he’s not gonna be CEO or anything like that — the President of the company because Wall Street won’t accept him in that role because he doesn’t have that background.
So, it’s going to be…they’ll accept Vince and they would have certainly accepted George Barrios and Michelle Wilson so, you know, but everyone who works for Vince has a shelf-life…that’s the reality.”
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The situation became more uncertain as per PWInsider.com who reported the firing decision was made by Vince McMahon alone. He did so without even consulting the COO or CBO, Triple H, and Stephanie McMahon respectively.
Frank A. Riddick III is currently serving as interim Chief Financial Officer, reporting to WWE Chairman & CEO Vince McMahon. At present, the company has started searching for a permanent Chief Financial Officer and Chief Revenue Officer.
