WWE: Stephanie McMahon resigns as father Vince becomes chairman again

World Wrestling Entertainment elected former chief Vince McMahon as the executive chairman of the board on Tuesday, the company said, adding that co-chief executive officer and chairwoman Stephanie McMahon resigned from her role.

Nick Khan will serve as the new WWE CEO, the entertainment firm added. Vince McMahon, 77, returned to the board last week and elected himself and two former co-presidents and directors Michelle Wilson and George Barrios to the board.

McMahon's daughter Stephanie announced her resignation in a statement posted on Twitter. “About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime,” Stephanie announced via Twitter.

“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.”

“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.”

"I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan," she said.

Vince, who ran the company for four decades, said last week that the only way for WWE to fully capitalise on the growing demand for content and live entertainment was for him to return as executive chairman. The company also announced at the time that it would explore strategic alternatives.

McMahon retired in July last year, as the company's CEO and chairman, following an investigation into his alleged misconduct. Later, WWE said that it found some unrecorded expenses tied to McMahon.

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