Shares of World Wrestling Entertainment (WWE) - Get Report hit the mat Thursday afternoon, after the company warned full-year earnings will be lower than expected and said it's replacing its co-presidents immediately.
Shares fell $14.03 or 22.52% to $48.27 in after-hours action.
Frank Riddick, a board member of the company for more than 11 years, was named interim chief financial officer, reporting to Chairman and Chief Executive Officer Vince McMahon.
The company expects its full year 2019 adjusted operating income before depreciation and amortization to be approximately $180 million, below previous forecasts.
The company said co-presidents George Barrios and Michelle Wilson are leaving, effective immediately, and will no longer serve on its board.
"The board and I decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward," McMahon said in a statement.
World Wrestling Entertainment had been expected to report adjusted net income of $69.9 million, or 74 cents a share for the latest quarter, on sales of $333.7 million, based on a FactSet survey of 13 analysts. It's expected to post results on Feb. 6.