Major WWE Corporate Shake-Up As Co-Presidents Leaving The Company, Vince McMahon Issues Statement

There's a major corporate shake-up happening in WWE right now as Co-Presidents George Barrios and Michelle Wilson are leaving the company, and will no longer serve on the Board of Directors.

Frank A. Riddick III, who has been on WWE's Board for more than 11 years, has been named the interim Chief Financial Officer while the company searches for a permanent CFO and Chief Revenue Officer. Riddick will report directly to WWE Chairman & CEO Vince McMahon.

Vince commented on the shake-up in a press release, and thanked Barrios & Wilson for their work.

"I would like to thank George and Michelle for their 10+ years of service and contributions to the organization," Vince said. "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."

Barrios was first hired in March 2008 as WWE's CFO. Wilson was first hired in February 2009 as Executive Vice President of Marketing. They both worked their way up through the company and had roles in the launch & development of the WWE Network.

The timing of the shake-up is interesting as WWE will report its fourth quarter and full 2019 financial results on Thursday, February 6. We will have full coverage of the report and the investors call.

Below is WWE's full press release on the changes:

WWE® Announces Management Transition

01/30/2020

STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE: WWE) today announced that Co-Presidents George Barrios and Michelle Wilson will depart the company, effective immediately, and will no longer serve on its 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 WWE Chairman & CEO Vince McMahon. WWE has commenced a search for both a permanent Chief Financial Officer and Chief Revenue Officer.

WWE remains well positioned to continue its growth and operate effectively against its strategic priorities, including content creation and distribution, digitization, and localization in key markets around the world. The Company expects its full year 2019 Adjusted OIBDA to be approximately $180 million.

"I would like to thank George and Michelle for their 10+ years of service and contributions to the organization," said 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.

"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."

Riddick previously served as CEO for FloWorks International, LLC, JMC Steel Group, Formica Corporation, and Triangle Pacific Corp., and President/COO of Armstrong World Industries, Inc. He has also served in executive management positions, including Chief Financial Officer, Controller, Treasurer, and Vice President of Mergers and Acquisitions during a career that spans 40 years. Riddick also served as Compensation Committee Chairman and member of the Audit Committee as a part of WWE's Board of Directors.

Stay tuned for updates.