WWE hits the mat with 2 key ousters
WWE shares plunged off the top rope Friday after head honcho Vince McMahon booted two longtime executives at the pro wrestling giant.
The firm’s stock tumbled 21.6 percent to $48.88 — its lowest level in nearly two years — following the sudden departure of its copresidents, George Barrios and Michelle Wilson.
“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,” McMahon, WWE’s chairman and chief executive, said in a statement Thursday.
Barrios and Wilson — who had been at WWE for more than a decade — were also pushed off the company’s board of directors, WWE said. The shake-up was announced just a week before WWE is slated to report its 2019 financial results.
Barrios and Wilson were named WWE’s co-presidents in February 2018 after serving as chief financial officer and chief revenue and marketing officer, respectively. The company’s revenue rose 16 percent that year to $930.2 million, the highest in its history, WWE has said. The pair also had a hand in getting lucrative TV rights deals for WWE, according to Forbes.
WWE has named Frank Riddick III, a board member of more than 11 years, as its interim chief financial officer. The company said it is searching for a permanent finance chief as well as a new chief revenue officer.
McMahon, 74, has been at the helm of his wrestling empire since 1982 and led the company through its initial public offering in 1999. He’s also appeared in the ring, adopting the persona of WWE’s strutting, cold-blooded boss who dramatically fires people in front of big crowds. nmanskar@nypost.com