WWE Co-Presidents George Barrios, Michelle Wilson to Leave Company

WWE co-presidents George Barrios and Michelle Wilson have left the company, effective immediately.

"I would like to thank George and Michelle for their 10-plus years of service and contributions to the organization," WWE chairman Vince McMahon said in a press release. "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." 

Barrios and Wilson's departures come as a major surprise, with the Wrestling Observer Newsletter's Dave Meltzer noting the impact on WWE stock: "Stock price now $49.79, 20.5% drop in an hour."

Just in the last year, WWE began its new television deals with Fox and USA Network and moved its NXT weekly show from WWE Network to cable television. The promotion also expanded its partnership with the Saudi General Entertainment Authority to guarantee two shows in Saudi Arabia through 2027.

However, WWE reported lower revenues in each of the first three quarters of 2019 compared to last year.

"WWE saw increases in media revenue, with decreases in live event revenue and merchandise from the prior year quarter, although all three areas missed expectations," Wrestling Inc's Raj Giri wrote in October. "Media revenue rose 28% to $146.1 million, while live event revenue declined 13% to $23.2 million and merchandise was down 13% to $17 million."

Many fans will likely view WWE's declining revenue as a result of an in-ring product that has generally grown stale. The company does little to help its stars stand out and attempts to draw in casual viewers by bringing in outside names such as Cain Velasquez and Tyson Fury, a move that can be counterproductive if it alienates the core fanbase.

WWE also has genuine competition from All Elite Wrestling, a promotion that won't overtake WWE anytime soon but could at least eat into the company's bottom line. All Elite Wrestling's Dynamite show has routinely drawn higher ratings than NXT since they've gone head-to-head.

Some will inevitably note the timing of Thursday's shakeup since the XFL is set to launch Feb. 8. Although McMahon has said the XFL and WWE will operate independent of one another, his financial commitment in the upstart league could climb to $500 million.