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WWE recently announced Nick Khan as their new President & Chief Revenue Officer. He will be reporting directly to WWE Chairman & CEO Vince McMahon. This news comes barely six months after the sports entertainment relieved George Barrios and Michelle Wilson of their duties.
For those of you unaware, Nick Khan previously worked as the Co-Head of Television at Creative Artists Agency (CAA). During his time there, he represented WWE along with Top Rank Boxing and Southeastern Conference. Moreover, he helped WWE achieve impressive deals for their longest-running weekly episodic TV shows, RAW (USA) and SmackDown (Fox).
Vince McMahon had the following to say about Nick Khan being named as WWE's new President and Chief Revenue Officer:
“Nick is a seasoned media executive with a deep understanding of our business and a proven track record of generating significant value for sports and entertainment properties.”
The WWE Chairman also reflected on how Khan played a vital role in transforming the company's business model. He stated:
“While representing WWE at CAA, he was instrumental in transforming our business model by securing domestic media rights increases of 3.6x over our previous agreements. Nick’s management style and personal demeanor are perfect for WWE’s entrepreneurial culture, and he will fit right in with our exceptional management team.”
About Nick Khan, WWE's new President & Chief Revenue Officer
Before he became a prominent media executive responsible for helping sports leagues and industries land profitable deals with TV stations and streaming services, Khan was a practicing attorney.
In 2006, he would move on to International Creative Management (ICM). There, Nick Khan would kick off the talent agency's Sports Media wing and end up representing some of the most prominent names in sports broadcasting.
In 2012, he would join CAA as the Co-Head of Television.
Nick Khan speaks his mind on becoming a full-time member of WWE
Khan's immediate reaction to joining the WWE family was documented in the company's official press release. Here's what he had to say:
“I am very much looking forward to expanding my relationship with Vince McMahon and the entire team at WWE, and becoming a full-time member of the WWE family.”
Khan spoke about his admiration for WWE's determination to enter into an unprecedented phase of growth and expansion across all lines of business. He said:
“It’s rare to have an opportunity to work at a company that is not only legendary in what it has already accomplished, but also uniquely poised to enter into an unprecedented phase of growth and expansion across all lines of business. Our collective industry experience will enable us to extract maximum value across the portfolio globally while driving long-term shareholder value.”
While Khan's signing is a big one, WWE has no plans to stop searching for the best resources to handle things on the corporate side. On Wednesday, the sports entertainment giant announced that Kristina Salen had been appointed as the new Chief Financial Officer. Salen is the former CEO of Etsy.
WWE's massive corporate shakeup
While the signings of Khan and Salen would probably help WWE on the business side of things, it should be noted here that the biggest wrestling promotion in the world underwent a major management shakeup earlier this year.
As mentioned above, George Barrios and Michelle Wilson were relieved of their duties as WWE's board of directors as well as its co-presidents after years of service.
At that time, Frank A. Riddick III was named the interim Chief Financial Officer. However, WWE made it clear that they would continue their search for a permanent Chief Revenue Officer and a Chief Financial Officer, roles that are now assumed by Nick Khan and Kristina Salen respectively.
As per the Chairman of the company himself, the change in management was warranted due to strategic differences. Moreover, WWE's declining TV ratings and falling stock prices were other vital red flags.
Thanking Barrios and Wilson for their services, Vince McMahon said:
“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.”
A new start for WWE?
With a New Chief Revenue Officer and a Chief Financial Officer on board, it would be fair to assume some changes in the direction of WWE's flagship shows, RAW and SmackDown. Because in the end, ratings are driven by how invested the WWE Universe is in the product and the talent.
With the competition in the wrestling world at an all-time for the first time in nearly 20 years, now is the perfect time for a fresh start. Whether Nick Khan is able to perform at the level which WWE is expecting him to remains to be seen.
