WWE has officially fired long-time Co-Presidents George Barrios and Michelle Wilson with immediate effect. The shock announcement was made after the stock market closed on Thursday.
WWE stated the following in its official press release:
“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”
Vince McMahon made the following comment:
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization. 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.”
WWE took a major hit in the stock market following the alarming announcement. The company stock dropped over 22%, from $60.54(opening) to $47.99.
Tom Colohue reports that the management is “scrambling” backstage.
Frank A. Riddick III has been announced as the intern CFO as WWE continues its search for a permanent Chief Financial Officer and Chief Revenue Officer to steady the ship.
Brad Shepard reports that the firing was solely Mr. McMahon’s decision who didn’t consult Stephanie McMahon and Paul “Triple H” Levesque beforehand. As a matter of fact, The Game is now being encouraged to step up and a promotion for Kevin Dunn could be on the horizon.
Further reports suggest that sheer disagreement over XFL could’ve been the reason behind Barrios and Wilson’s shock firing from WWE. Both ex-Executives were “talking shit” about the XFL before their “ugly departure”.
The co-Presidents’ sudden exit could cost WWE in a big way as big investors are considering pulling out.
Meanwhile, CM Punk has hilariously claimed that he would like to apply for the vacant position in the company. The former WWE Champion wants to interview for the role of CFO.