(Bloomberg) -- World Wrestling Entertainment Inc. replaced two top executives after 2019 earnings came in at the low end of estimates, a shake-up that rattled investor confidence in the pro-wrestling giant.
Shares of WWE plunged as much as 14% to $53.50 in extended trading after the company announced that it’s replacing Co-Presidents George Barrios and Michelle Wilson, effective immediately.
Frank Riddick, a board member for more than 11 years, has been named interim chief financial officer, WWE said Thursday. He’ll report to Chairman and Chief Executive Officer Vince McMahon.
“The board and I decided a change was necessary,” McMahon said. “We have different views on how best to achieve our strategic priorities.”
The company now expects to report 2019 adjusted earnings of $180 million, down from as much as $190 million forecast previously. WWE is scheduled to release results on Feb. 6.
WWE’s shares also tumbled in October after the company said revenue fell short of expectations and analysts reduced their forecast. TV ratings of WWE programming have been challenged and the company has struggled to add subscribers to its online service.
https://www.bnnbloomberg.ca/wwe-plunges-after-earnings-slump-and-company-sacks-management-1.1382503
Submitted January 30, 2020 at 08:17PM by n0tfakenews https://ift.tt/2S3wg6p
