Heyman will be running the red brand while Bischoff will head up the blue brand.
In an announcement on WWE.com, the company revealed: "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 pair will answer directly to owner and chairman Vince McMahon in their new roles.
Knitters' network bans Trump support on its website
It's unclear how the executive order would be enforced - it's likely to face some blowback from many insurers and hospitals. He says the GOP has the chance to brand itself as the "party of health care" ahead of the 2020 elections.
The move also allows WWE to further establish two distinct brands on Raw and SmackDown, ones that are immediately recognizable for their storytelling, wrestling, and ability to captivate on a weekly basis.
Although Heyman and Bischoff are yet to comment on their new roles, current WWE Universal Champion Seth Rollins has praised the latter's appointment. Over the last few years Triple H has seemingly been groomed to take on more responsibilities with WWE, but in the end WWE made a decision to put Heyman and Bischoff in these powerful positions.
Heyman has been working behind the scenes with various talent for a long period of time, so this should be a natural transition for him. He's served in a variety of behind-the-scenes roles over the years while also having a prominent storyline role as a manager, most notably serving as the "advocate" for WWE/UFC superstar Brock Lesnar.
The weekly shows now air on USA Network, though "SmackDown" is moving to Fox's broadcast channel - and from Tuesdays to Fridays - this October. It will be Bischoffs first time being involved in the WWE creative process. But Heyman's greatest success as a promoter came as the president of ECW from 1993 to 2001, when the revolutionary mom-and-pop promotion served as both a rival and quiet partner to WWE during the Attitude Era. Under Bischoff, who was with WCW from 1991 through 1999 and a brief return in 2000, WCW entered prime-time TV on TBS and TNT with WCW Monday Nitro and Thunder.