Bischoff is set to become the new Executive Director of WWE SmackDown while Heyman is set to become the new Executive Director of WWE RAW. Both will report directly to WWE Chairman Vince McMahon.
The new roles are full-time executive roles. According to Sports Illustrated, there are no current plans for these roles to be introduced as part of a TV storyline.
Bischoff will also work directly with Fox executives as the blue brand plans to premiere on Fox Friday nights in October, SI reported.
The major move will allow WWE to establish "two distinct creative processes for its flagship shows."
Below is the full press release that WWE sent Wrestling Inc.:
WWE® NAMES PAUL HEYMAN AND ERIC BISCHOFF EXECUTIVE DIRECTORS
Stamford, Conn., June 27, 2019 – WWE (NYSE: WWE) today announced that it has named Paul Heyman as Executive Director of Monday Night Raw and Eric Bischoff as Executive Director of SmackDown Live, newly created positions reporting directly to WWE Chairman & CEO Vince McMahon.
In their executive roles, Heyman and Bischoff will oversee the creative development of WWE's flagship programming and ensure integration across all platforms and lines of business. The creation of these roles further establishes WWE's ability to continuously reinvent its global brand while providing two distinct creative processes for its flagship shows.
With more than 30 years of experience in the sports entertainment industry, Heyman served as President of ECW from 1993-2001, securing pay-per-view distribution for the company as well as a national cable television deal with TNN. After his time with ECW, Heyman joined WWE's Creative team and is widely credited with helping launch the careers of many current and former WWE Superstars.
Bischoff is a former WCW President and New York Times bestselling author. During his WCW career, Bischoff oversaw the signing of some of the biggest names in sports entertainment and helped create and develop the NWO storyline. He was also instrumental in securing a television deal for WCW Monday Nitro on TNT and WCW Thunder on TBS. After WCW, Bischoff co-founded Bischoff-Hervey Entertainment, a production company that launched TV reality shows and mobile games.