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In a press release issued by WWE containing a joint statement by Stephanie McMahon, Nick Khan, and Triple H, the company confirmed that Vince McMahon is back as Executive Chairman of the Board of Directors and that the company will explore a possible sale. The press release also noted the resignation of two additional board members, joining the three that McMahon replaced when he resumed power and elected himself, George Barrios and Michelle Wilson, to the board.
“Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” said Chairwoman & Co-CEO Stephanie McMahon, Co-CEO Nick Khan and Chief Content Officer Paul Levesque (Triple H) in the press release. “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.”
An SEC filing this morning revealed the names of the three board members who were replaced: JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler. In addition, board members Ignace Lahoud and Man Jit Singh have resigned, effective immediately. McMahon left the company last year amidst a sexual misconduct and hush money scandal that began when the Wall Street Journal reported the board of directors was investigating said payments. It’s unclear if that investigation will continue under the new board composition, which consists of Vince McMahon as Chairman, Stephanie McMahon, Nick Khan, Triple H, George Barrios, Michelle Wilson, Steve Koonin, Michelle McKenna, and Steve Pamon.
Despite McMahon’s return to power on the board of directors, the press release reiterated his statement yesterday that he has no plans to change the management team, I.E., Steph, Nick Khan, and Triple H. “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’s statement read. That may help to assuage concerns amongst talent that McMahon could resume his former role as head of creative, changing the positively-received creative direction the company has followed since McMahon’s forced retirement.
There’s no word on whether two more board members will be elected to replace the two who have just resigned. However, the statement from company leadership does suggest that the company or its board is not planning a legal challenge to McMahon’s return to power. We’ll continue to update readers on this breaking story as it continues to evolve.
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