Vince McMahon stands at the Republican state convention in Hartford, Conn. McMahon will rejoin WWE’s board months after he stepped down as CEO and president of the sports entertainment company during an investigation into alleged misconduct.
Jessica Hill / AP
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Jessica Hill / AP
Vince McMahon stands at the Republican state convention in Hartford, Conn. McMahon will rejoin WWE’s board months after he stepped down as CEO and president of the sports entertainment company during an investigation into alleged misconduct.
Jessica Hill / AP
Vince McMahon will rejoin WWE’s board months after he retired from the sports entertainment company during an investigation into alleged misconduct.
WWE said Friday that McMahon, WWE’s founder and majority shareholder, will return as executive chairman. It also announced a board reshuffle.
Shares rose more than 22%.
McMahon retired as chairman and chief executive officer of WWE in July. He had temporarily resigned a month earlier. The Wall Street Journal reported over the summer that McMahon had agreed to pay more than $12 million over the past 16 years to stop allegations of sexual misconduct and infidelity.
The Stamford, Connecticut, company said on Friday that it would consider “all strategic alternatives to maximize shareholder value.”
There have been rumors that WWE may be interested in selling the organization to another entertainment company.
McMahon appears to have addressed that possibility in a letter to the board, dated December 20, but published on Friday.
“I believe WWE has a unique opportunity in this critical time to maximize value for shareholders and all other stakeholders,” McMahon wrote. “In particular, with the rapidly evolving media landscape in which more and more companies seek to own the intellectual property offered on their streaming platforms – I firmly believe that for the best should do for all WWE shareholders and other stakeholders to undertake a comprehensive campaign to consider strategic alternatives.”
The company said in early November that an investigation by a special committee set up to look into allegations of misconduct had been completed and the committee had been disbanded.
The company on Friday did not immediately respond to requests from the Associated Press seeking details about that committee’s findings. At the time, it said the company was working on some of the committee’s recommendations.
McMahon’s return coincides with the airing of some of WWE’s biggest paid live events of the year. The Royal Rumble takes place this month in Texas, while Wrestlemania, a two-day event, begins in April.
McMahon said in a prepared statement that he does not intend for his return to have any impact on the roles, duties or responsibilities of WWE’s current management team. His daughter, Stephanie McMahon, is co-CEO alongside Nick Khan. McMahon’s son-in-law, Paul Levesque, who wrestled under the name Triple H, is the content director.
McMahon controlled a majority stake in the company even after his retirement, giving him the power to design a board reshuffle upon his return. Three board members, JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler, were ousted to make way for McMahon and two other council members, Michelle Wilson and George Barrios.
Vince McMahon has been one of the most recognizable faces at WWE for decades.
When he bought the World Wrestling Federation from his father in 1982, wrestling matches took place in small venues and appeared on local cable channels.
WWE matches are now held in professional sports stadiums, and the company has a significant overseas following.
The organization has undergone a seismic transformation under McMahon with events like WrestleMania, a high-profile live production that draws millions of raving viewers.
Revenue for 2021 exceeded $1 billion for the first time, and the company has television deals with Fox and NBCUniversal. It announced the expansion of its initial multi-year programming partnership with A&E in May 2022.
WWE stars have become different sensations, including Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin, and John Cena.
