WWE fires co-presidents and causes major shake-up to start first quarter of 2020, according to a WWE Corporate press release.
Former World Wrestling Entertainment Co-Presidents, George Barrios and Michelle Wilson, have been fired effective as of Jan.30. Barrios and Wilson will also no longer serve on the board of directors.
Frank A. Riddick III will serve as interim Chief Financial Officer and be reporting directing to Vince McMahon himself. Riddick has served on the WWE Board Of Directors for the past 11 years. He will fill the role of CFO until WWE is able to hire a permanent CFO and Chief Revenue Officer.
WWE In Capable Hands With Barrios As CFO
Riddick is no newcomer to the corporate world or to his high-ranking position. He has over 40 years experience with companies no one has ever heard of. However, within those companies he has been CFO, controller, treasurer and vice president of mergers and acquisitions.
The company appears to be in good hands as they look for people to fill Barrios and Wilson’s shoes. McMahon released a statement praising Barrios and Wilson and the decision to let them go from WWE.
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization,” said Vince 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 fan base across platforms, increase revenues, and drive shareholder value.”WWE Corporate Press Release
Ratings Problems And AEW May Have Lead WWE To Firings
WWE has faced ratings falling and rising and AEW on their heels which provided stiff competition. AEW Dynamite is consistently beating WWE NXT according to WrestlingINC. These two factors along with many others behind the scenes, surely influenced McMahon and the board to fire Barrios and Wilson.
It is yet to be seen if this will have any notable effect on the stock prices in the next few days, or any affect on the product in the next few weeks. The stocks may drop, but it would be surprising to see any big changes in the actual wrestling product.
McMahon talked about wanting to go in a different direction than Barrios and Wilson. It would be interesting to see if the company begins to spend more money on ads and marketing, or if they tighten up their spending. In all likelihood the fans will not be able to notice any change as it may all stay behind the scenes. Time will tell…