- 09/16/2009 (11:17:19 am)
- Press Release
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McMahon's husband, WWE Chairman Vince McMahon, will assume her duties as chief executive, the company said in a statement.
Linda McMahon, 60, formally announced her candidacy Wednesday morning. She said Washington is "out of control" and Dodd has "lost his way and our trust."
McMahon is up against three other Republicans — former U.S. Rep. Rob Simmons, state Sen. Sam Caligiuri and former U.S. Ambassador to Ireland Tom Foley.
Dodd plans to run for a sixth term next year.
Linda and Vince McMahon, a professional wrestler, announcer and promoter, co-founded WWE. Linda McMahon has served as CEO since May 1997 and was the company's president from May 1993 through June 2000. Vince McMahon has been chairman since 1980.
The Stamford, Conn.-based company produces live and televised wresting events and licenses and sells video games, toys and other retail products. The company's sales totaled $526.5 million in 2008.
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World Wrestling Entertainment CEO Seeks Senate
DOW JONES NEWSWIRES
World Wrestling Entertainment Inc. (WWE) Chief Executive Linda McMahon stepped down, one day after joining the increasingly crowded Republican field looking to take on embattled Sen. Chris Dodd (D-Conn.).
WWE Chairman Vince McMahon will assume the additional duties of CEO, supported by "the seasoned executive management team already in place," the wresting entertainment and media company said.
The announcement came as WWE grapples with the weak economy and competition from sports such as kickboxing. Still, WWE's profit nearly tripled in the latest quarter amid cost cuts as revenue rose 7%.
Linda McMahon, 60 years old, is the fourth Republican to declare her candidacy, following former U.S. Rep. Rob Simmons, state Sen. Sam Caligiuri and former U.S. Ambassador to Ireland Tom Foley. Dodd will be seeking a sixth term in next year's election.
The incumbent has had shaky poll numbers for some time despite Connecticut's being solidly Democratic. Simmons has led Dodd in polls for months, with analysts citing the senator's dealings with Countrywide Financial. The onetime mortgage giant, which was sold to Bank of America Corp. (BAC) last year as the credit markets slumped, gave Dodd below-market-rate mortgages, something the senator has said he didn't know about.
Dodd is chairman of the Senate Banking Committee and has had good relationships with the financial industry. With many Americans upset at the industry, that could prove a liabilty in the coming election, analysts have said.
WWE shares closed at $14.24 and didn't trade premarket. The stock is up 29% this year.
-By Mike Barris, Dow Jones Newswires;
