WWE Stock Drops 27% To Open Market Following Executive Shake-up
WWE is feeling the effects of losing their two Co-Presidents with a big stock drop this morning.
Last night, WWE issued a press release announcing George Barrios and Michelle Wilson had left the company and would no longer serve on the Board Of Directors, effectively immediately.
WWE stock had closed at $62.31 on Thursday afternoon, but that number ended up dropping quickly as news of Barrios and Wilson’s departures spread, dropping almost 25% in a few hours. The stock price opened today at 9:30 am EST at $45.32, which is a 27% drop from closing last night.
It would appear that the huge drop is temporary, as the stock price has already gone up in the hour that the market has been open. WWE shares (NYSE: WWE) now sit at $49.44, an increase of nearly 7 percent.
Vince McMahon made the following statement regarding the shake-up:
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization,” said Vince 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.