In the statement, WWE noted that Prichard will report directly to WWE Chairman Vince McMahon and added that Prichard will "oversee the creative development of Friday Night SmackDown on FOX and ensure integration across all platforms and lines of business."
The move comes just four months after WWE named Bischoff executive director of SmackDown and Paul Heyman executive director of Raw.
After an 11-year hiatus, the 56-year-old Prichard returned to WWE earlier this year as part of the creative team. He has worked in the wrestling business since the age of 12 and first began working for WWE in 1987.
Prichard has served in a number of different roles during his time in WWE. He has been a producer, worked in talent relations and even had an on-screen role as Brother Love. He is perhaps best known for being part of a three-man creative team alongside McMahon and Pat Patterson in the early-to-mid 1990s, however.
The 64-year-old Bischoff's claim to fame is his success as president of WCW in the mid-to-late 1990s. Beginning in 1996, Bischoff helped WCW Monday Nitro beat Raw in the ratings for 83 consecutive weeks.
He did some on-screen work for WWE and some behind-the-scenes work for Impact Wrestling after WWE bought WCW in 2001, but it had been several years since he was last associated with a company before WWE hired him this year.
Both Prichard and Bischoff host separate podcasts alongside Starrcast promoter Conrad Thompson in which they reminisce about their time in WCW and WWE, respectively, and provide inside knowledge on specific topics.
It isn't yet known how the shake-up might impact Something to Wrestle and 83 Weeks, and it also has yet to be announced if Bischoff is gone from WWE entirely or if he will be moved into a different role.
Bischoff's ouster from the role of SmackDown executive director comes less than two weeks after SmackDown moved from USA Network and debuted on Fox.
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