WWE has announced the departure of its co-chairs, George Barrios and Michelle Wilson, through a press release. As confirmed by the sports entertainment company, the measure has immediate effect and will no longer be part of the Board of Directors.
WWE reports that the company has begun a “transition stage” in its directive. Frank A. Riddick III has been appointed Director of Finance temporarily, occupying the position held by Barrios. Riddick III has worked for 40 years in senior positions in various companies, spending the last 11 as Chairman of the Compensation Committee and member of the Audit Committee, being part of the Board of Directors. Now, it will only respond to the President and CEO of WWE, Vince McMahon.
As of this moment, WWE announces that it is looking for a new Director of Finance and a Director of Marketing and Revenue to be permanently established. Vince McMahon commented on the exit of Barrios and Wilson in the press release:
“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.”
According to the statement with the statements of McMahon, WWE would have decided to dismiss Barrios and Wilson, which is an important movement on the board of the company. The decision takes place in the absence of a few days for the company’s annual income report, which will be published on February 6.
Barrios arrived at WWE in 2008, while Wilson joined a year later. After remaining as top managers, they were appointed as co-chairs with Vince McMahon in 2018. The movement has had an impact on WWE actions, suffering a 20% drop before the close of the session.