WWE issued a press release earlier today announcing the departure of Co-Presidents George Barrios and Michelle Wilson.
According to the press release, Frank A. Riddick III, who has served as a member of WWE’s Board for more than 11 years has been named the interim Chief Financial Officer and will report directly to WWE Chairman & CEO Vince McMahon.
WWE has commenced a search for both a permanent Chief Financial Officer and Chief Revenue Officer.
The departure of Barrios and Wilson come a week before WWE’s fourth quarter and full 2019 financial results that are set to be released during the investors call on Thursday, February 6.
Following the news of Barrios and Wilson leaving, MarketWatch is reporting WWE’s stock shares plunged 23 percent in after-hours trades to their lowest level since May 2018.
As of Thursday’s close, WWE’s stock was down 35 pecent since its April 23, 2019 peak.
You can read the full press release below, which includes comments from WWE Chairman & CEO Vince McMahon.
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.