UPDATE 1-WWE says CEO resigns, names chairman as new CEO

Wed Sep 16, 2009 8:09am EDT

* Says Linda McMahon steps down to run for U.S. Senate

* Names Chairman Vince McMahon new CEO

Sept 16 (Reuters) - World Wrestling Entertainment Inc (WWE.N) said Chief Executive Linda McMahon resigned to run for the U.S. Senate and named Chairman Vince McMahon to the post.

Linda McMahon, a co-founder of the company and wife of Vince McMahon, plans to contest from the state of Connecticut, the company said in a statement.

Shares of the sports entertainer -- which stages live and televised professional wrestling matches -- closed at $14.24 Tuesday on the New York Stock Exchange. (Reporting by Vidya Lakshmi in Bangalore; Editing by Unnikrishnan Nair)