Wall Street is reacting to the news of WWE Co-Presidents George Barrios and Michelle Wilson leaving the company.
WWE stock opened today at $45.41, down 27% from its closing price of $62.31 on Thursday. As of this writing, it has rebounded slightly to $49.36.
WWE CEO Vince McMahon said that Barrios and Wilson were being removed from their positions due to differing philosophies on how to grow the company.
"I would like to thank George and Michelle for their 10+ years of service and contributions to the organization," McMahon said. "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."
WWE will report its fourth quarter and full 2019 financial results on Thursday, February 6. Wrestling Inc. will have full coverage of the report and the investors call.