The former CEO is making a comeback.
WWE has confirmed Vince McMahon's return to World Wrestling Entertainment on Friday, Jan. 6.
Per Deadline, the company has removed three directors to make room for McMahon's return, along with two allies—WWE co-presidents and directors Michelle Wilson and George Barrios.
According to yesterday's post from Deadline, the former CEO, 77, revealed he was taking steps to return to WWE as executive chairman amid the upcoming media rights negotiations, including a sale of the company.
"McMahon signaled his return yesterday but said he doesn’t intend for it “to have any impact on [current management’s] roles, duties, or responsibilities," the outlet revealed.
McMahon stepped down as CEO and chairman of the board this past July following allegations of sexual misconduct and board investigation over payouts to women. After he stepped away, his daughter Stephanie McMahon and CAA agent Nick Khan assumed co-CEO roles.
McMahon said his new role "will enable unified decision making through the company’s upcoming media rights negotiations and a parallel full review of the company’s strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry.”
Stephanie, Khan, and chief content officer Paul Levesque later confirmed McMahon's return in a statement: “Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board. 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.”
“In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority shareholder, the Company intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders. There is no assurance that this process will result in a transaction,” WWE said.
McMahon–who is a controlling shareholder–“has removed JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the Board” to make room for himself, Wilson, and Barrios. Two other board members, Ignace Lahoud and Man Jit Singh have resigned, effective today.