Paul Heyman and Eric Bischoff, two men who gave Vince McMahon some competition during the Attitude Era, will now oversee the creative development of Raw and SmackDown (respectively).
Sports Illustrated first reported Paul Heyman has been named the Executive Director of Raw and Eric Bischoff will be the Executive Director of SmackDown Live.  WWE confirmed the news in a press release which states both but will report to Vince McMahon.
"In their executive roles, Heyman and Bischoff will oversee the creative development of WWE's flagship programming and ensure integration across all platforms and lines of business," the press release explains. “The creation of these roles further establishes WWE's ability to continuously reinvent its global brand while providing two distinctive creative processes for its flagship shows.”
For those unfamiliar, Heyman was the creative genius behind ECW before it went under and Eric Bischoff led WCW to early victory at the beginning of the Monday Night Wars.