As noted earlier this evening, there is a major corporate shake-up going on in WWE right now as the company announced a "management transition" that will see WWE Co-Presidents George Barrios and Michelle Wilson leave the company. They will also no longer serve on the WWE Board of Directors. Barrios had been with WWE since March 2008, while Wilson was hired in February 2009, and they both worked their way through the company. WWE announced in today's press release that Frank A. Riddick III, who has been on WWE's Board for more than 11 years and has worked in the corporate world for 40 years, has been named the interim Chief Financial Officer while they search for a permanent CFO and Chief Revenue Officer. Riddick will report directly to WWE Chairman & CEO Vince McMahon.
WWE stock was up 2.21% today, closing at $62.30. Today's high was $62.45 and the low was $60.08 for regular trading.
However, the company stock has tanked in after-hours trading. WWE stock is currently down 22.95% in after-market trading, at $48.00 per share.
WWE Backstage analyst CM Punk responded to a tweet on the shake-up and joked about interviewing for the job opening.
He wrote, "How do I interview?"
One fan replied and said Punk would quit the job in one week.
Punk responded, "But think of the severance pay!"
Punk also responded to other fan comments with animated GIFs. You can see those tweets below.
For those who missed the earlier announcement, you can click here to read out full report. Vince issued a statement on the departures.
"I would like to thank George and Michelle for their 10+ years of service and contributions to the organization," Vince said in the press release. "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."
Stay tuned for updates on the shake-up. The timing of the transition is very interesting as WWE will report their fourth quarter and full 2019 financial results next Thursday.
You can see Punk's full tweet below:
How do I interview? https://t.co/PPzvRyfkyM— player/coach (@CMPunk) January 30, 2020
But think of the severance pay!— player/coach (@CMPunk) January 30, 2020