Vince McMahon is back on WWE’s Board of Directors after the Wall Street Journal originally reported that the former CEO was planning to return to the company and sell it.
McMahon stepped away from the company last July after The WSJ reported on sexual harassment and assault allegations. However, McMahon later felt that he was given bad advice to step down from his duties in WWE.
The WSJ report stated McMahon, who has majority voting power through his ownership of WWE’s Class-B stock, told the company in a letter last month that he was electing himself and two former co-presidents and directors, Michelle Wilson and George Barrios, to the board.
He needed three directors to vacate their positions, and that happened. It was revealed in a new filing that Alan Wexler, JoEllen Lyons Dillon, and Jeffrey Speed have been removed from the board, with McMahon, Wilson, and Barrios replacing them.
McMahon is also making changes to WWE’s bylaws, so the upcoming media rights deals for Raw and SmackDown can’t be made without his approval.
Vince McMahon is back on WWE’s board of directors.
A new filing says effective immediately Vince puts himself, Michelle Wilson, and George Barrios on the board and removes independent directors Alan Wexler, JoEllen Lyons Dillon, and Jeffrey Speed.https://t.co/HGzFZNvaXM pic.twitter.com/Y3HIRGearx
— Brandon Thurston (@BrandonThurston) January 6, 2023
https://twitter.com/BrandonThurston/status/1611346376968867842
As previously reported, McMahon expects to assume his role as executive chairman, but he would need board approval. It’s unclear what this means for his daughter, Stephanie McMahon and Nick Khan, who currently are the co-CEOs. Stephanie is also the company Chairwoman.
You can read the press release issued by McMahon regarding his planning his return and intentions here.
