Earlier today, WWE announced that after two years as Co-Presidents, George Barrios and Michelle Wilson are leaving the company with immediate effect. Frank A. Riddick III, who has been on WWE’s board of directors for over 11 years, has been named the company’s interim Chief Financial Officer.
The reason for their removal is rumored to be because WWE’s earnings report for the fourth quarter and full-year is expected to lower than forecast, and they are taking the fall.
The news of the management change and anticipated lower than anticipated earnings has caused WWE’s stock price to plummet more than 20% and created panic amongst investors as the below chart shows.
Back in April, WWE’s stock was at $99.25 per share, but as of writing is at $48.50, with a genuine chance of falling more when the earning results are revealed next Thursday.