Former World Wrestling Entertainment CEO Vince McMahon is set to return to the company he founded as executive chairman.
McMahon, 77, stepped down in July amid an investigation into his past alleged sexual misconduct. On Thursday, he announced that he was using his majority stake in the company to elect himself as executive chairman, along with former co-presidents and directors Michelle Wilson and George Barrios. He argued that his return was needed, given the company was approaching a “critical juncture.”
EXIT VINCE MCMAHON, WORLD BUILDER
“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,” McMahon was quoted as saying. “The only way for WWE to fully capitalize 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.”
He had first written to shareholders in December expressing his desire to return, but they responded that they unanimously agreed it was a bad idea, sources familiar with the matter told the Wall Street Journal. McMahon overruled them anyways and looks poised to reenter as executive chairman. Markets reacted favorably to the news, with the company’s shares rising over 10% following the announcement.
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Beginning in March 2022, WWE was made aware of sexual misconduct allegations against McMahon from a series of anonymous emails coming from someone claiming to know the victims. The CEO allegedly paid $12 million to four women previously affiliated with WWE to cover up allegations of sexual misconduct.
In his statement announcing his retirement, McMahon said co-CEOs Stephanie McMahon and Nick Khan would be taking over his responsibilities, though he would remain a majority stakeholder.
