WWE Co-Vice Presidents George Barrios & Michelle Wilson Forced Out Of The Company
January 30, 2020WWE has announced a major shift in management.
Today WWE announced that effective immediately, both Geroge Barrios and Michelle Wilson have been relieved of their co-president position with World Wrestling entertainment. Both have been with the company for over 10 years and no reason was given to why the two will no longer be with the company going forward.
In the press release put up on WWE’s corporate website, Vince McMahon does make it seem as if they wanted the company to go in one direction and that was not the direction he and other board members had. Frank Riddick III has been named the interim Cheif Financial Officer.
Vince McMahon was quoted with the following,
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization. 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.”
As far as how this could affect WWE financially, we have already seen the stock take a big hit. The stock opened Wednesday at $61.07. When this news broke the stock was at a high of $62.30. Over the next two hours, the stock fell over 22% to $48.00 where it looks like it may sit for the remainder of the day.
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.
