By Christopher Palmeri, Bloomberg
World Wrestling Entertainment Inc.’s chairwoman and co-chief executive officer, Stephanie McMahon, has resigned from the company after her father’s return this month as executive chairman.
McMahon was promoted to co-CEO last year after her father stepped down amid allegations of sexual misconduct. Her father, Vince McMahon, the controlling shareholder of the Stamford, Connecticut-based wrestling promoter, announced earlier this month that he was returning to the company and seeking a review of strategic alternatives that could include a sale.
Her co-CEO, Nick Khan, will serve as sole chief executive, the company said.
“Our founder, Vince McMahon, has returned as executive chair and is leading an exciting process regarding strategic alternatives,” Stephanie McMahon said on Twitter. “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.”
WWE shares rose about 6.8% in trading before exchanges opened in New York on Wednesday from their previous close of $90.24. The stock had gained 75% in the past 12 months.
(Updates with premarket share move in fifth paragraph)
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