Last night, WWE issued a press release revealing that company Co-Presidents George Barrios and Michelle Wilson are departing the company. It appears as if the two executives were forced out and this comes just days before WWE reports its fourth quarter earnings.
The earnings report will be released next Thursday, while it will be followed by Vince McMahon addressing investors in a quarterly conference call later that same day.
However, since this news broke, WWE stock dropped by over 22%. Whereas it opened at 60.54, it fell to 47.98 by the end of the night. There have been rumblings that these changes came as a result of WWE Network subscriptions declining and that noteworthy drop in ratings. Many stockholders are also concerned by how much WWE has been spending to stop talent signing with All Elite Wrestling.
Stay tuned as we're bound to have more news on this soon!