Vince McMahon, the former Chairman and CEO of WWE, is officially back on the WWE Board of Directors.
A SEC filing made early Friday morning confirmed the news. Three existing shareolders were removed from the Board of Directors, and two have resigned.
This news follows the bombshell report by the Wall Street Journal on Thursday that stated McMahon was plotting a return to the company he founded. McMahon stated return is to pursue a sale of the company and be involved in the upcoming media rights deals.
WWE also issued a press release on Friday morning announcing the return. They welcomed McMahon back to the Board and stated they are looking forward “to exploring all strategic alternatives to maximize shareholder value.” They also emphasized that “there is no assurance that this process will result in a transaction.”
“Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” said Chairwoman & Co-CEO Stephanie McMahon, Co-CEO Nick Khan and Chief Content Officer Paul Levesque. “We also welcome back Michelle Wilson and George Barrios to our Board of Directors. Together, we look forward to exploring all strategic alternatives to maximize shareholder value.”
The return of McMahon, as of now, will not have an impact on any of the roles, duties, or responsibilities of the current management team.
As Vince McMahon stated yesterday, “WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities.”
The SEC filing states that McMahon “expects to assume the role of Executive Chairman of the Board.” A timeline of communication with the Board of Directors was also included that led to this move.
McMahon’s return also sees the return of former WWE Co-Presidents George Barrios and Michelle Wilson to the Board. JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler were removed to make way for McMahon and them. Ignace Lahoud and Man Jit Singh subsequently also resigned from the Board effective Friday.
The current WWE Board of Directors now consists of Vince McMahon, Stephanie McMahon, Nick Khan, Paul Levesque, Steve Koonin, Michelle McKenna, Steve Pamon, George Barrios, and Michelle Wilson.
McMahon also changed several WWE company bylaws, the main one being that it is now required that any media rights deal and/or company sale must be approved by him.
Vince McMahon announced his retirement from WWE, which included him leaving his position as WWE Chairman and CEO, in July 2022 following a slew of hush fund payments made with company money to cover up alleged sexual misconduct with several women. Whispers of his return to the company, which include reports of McMahon saying he had received “bad advice” regarding his move to leave the company, began in December.
We will continue to follow this incredible story as more becomes available. Be sure to let us know your thoughts in the comment section below.