World Wrestling Entertainment Inc 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)