Stephanie McMahon has announced her shock resignation from the WWE following the reinstatement of her father into the WWE Board of Directors.
The longtime head honcho of the wrestling promotion retired last year amid investigations into payments he made regarding alleged instances of sexual misconduct.
CNBC reported that 77-year-old paid nearly $15 million to four women over the course of 16 years in order to silence any allegations.
Advert
His daughter, Stephanie McMahon, stepped in as Co-CEO in the wake of the news, with husband Triple H taking over creative decisions.
However, Mr McMahon had been plotting his return to the company in recent times in a bit to lead them once again.
And this morning (January 11) Vince was re-elected as the company’s executive chairman of the board.
Advert
His forced return to the Board of Directors is to help facilitate a potential sale of the company.
As a result, Stephanie has resigned from her role in the company.
She released a statement, saying: “About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime. I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE.
“I cannot put into words how proud I am to have led what I consider to be the greatest company in the world, working alongside a remarkable leadership team and one of the strongest executives I have known in my Co-CEO, Nick Khan.
Advert
"Our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives.
“And with Nick's leadership and Paul ‘Triple H’ Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders.
"WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation.”
While the tone of the release was positive, Forbes reports that there are tensions between Vince and Stephanie that began following McMahon’s resignation last year.
Advert
It is believed that her father forcing his way back into the promotion as only damaged their relationship further.
Vince McMahon addressed his daughter’s resignation in a press release, saying: “First, I'd like to express my full support for Stephanie's personal decision.
“I'll forever be grateful that she offered to step in during my absence and I'm truly proud of the job she did co-leading WWE.
“Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand.”
Topics: WWE, Vince McMahon, Wrestling
Jayden Collins