World Wrestling Entertainment elected former chief Vince McMahon as the executive chairman of the board on Tuesday, the company said, adding that co-chief executive officer and chairwoman Stephanie McMahon resigned from her role.

Vince McMahon, 77, returned to the board last week and elected himself and two former co-presidents and directors Michelle Wilson and George Barrios to the board.

Vince McMahon then said that Khan will serve as the CEO and together they will look to review their strategic alternatives. It has long been reported that Vince was trying to get back on WWE's board to pursue a sale of the business. Stephanie's resignation may just be the start of it all.

McMahon's daughter Stephanie announced her resignation in a statement posted on Twitter."I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan," she said.

Vince McMahon, who ran the company for four decades, said last week that the only way for WWE to fully capitalize on growing demand for content and live entertainment was for him to return as executive chairman.

WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation.

WWE is the success that it is because of your hard work. You are the unsung heroes. No matter your position, your work contributes to our mission and makes a difference in people’s lives.

McMahon retired in July last year, as the company's CEO and chairman, following an investigation into his alleged misconduct. Later, WWE said that it found some unrecorded expenses tied to McMahon.