Vince McMahon Takes Actions To Make WWE Return
Vince McMahon is making a WWE comeback
Mere months after he resigned as CEO and Chairman in disgrace, Vince McMahon has taken action to force his way back into WWE.
In a press release, McMahon announced that he has taken the "necessary actions" to see him and former WWE Co-Presidents Michelle Wilson and George Barrios elected to the WWE Board of Directors. The move will require the removal of three current directors. The 77-year-old expects to assume the role of Executive Chairman of the Board, although this would have to be approved by the Board.
Within the press release, McMahon claims 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."
McMahon expressed to the WWE Board that these initiatives require his "direct participation, leadership, and support as controlling shareholder."
McMahon said: "WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms. The only way for WWE to fully capitalise on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.
"Ms Wilson and Mr Barrios are highly qualified directors whose professional experience positions them well to help the Company achieve the best possible outcomes in both initiatives. As former WWE Co-Presidents and Board members, they are intimately familiar with industry dynamics and the organization's operations and have helped guide the Company through past successful media rights negotiations. I look forward to working closely again with Michelle and George – as well as the Company's remaining directors and management team, who have my full support and confidence. 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."
McMahon has been making formal attempts to return since late December. Along with the changes to the WWE board, the company's bylaws have been amended "to ensure that WWE's corporate governance continues to properly enable and support shareholder rights."
McMahon has been out of WWE since July of 2022 after he resigned as Chairman and CEO amidst a sexual misconduct and hush money scandal. McMahon resigned after it was revealed he had paid $14.6 million to four women to "suppress allegations of sexual misconduct and infidelity" between 2006 and 2022. Despite McMahon's resignation, he remained the majority shareholder of WWE.
After a Wall Street Journal report in December noted that McMahon intended to make a return, a fresh allegation came to light in which it was alleged that McMahon sexually assaulted a former spa manager in 2011. Lawyers for former WWF referee Rita Chatterton - who accused McMahon of raping her in 1986 - have also taken legal action against the 77-year-old.
Find out more about the situation here.