Vince McMahon Returns to WWE’s Board of Directors

As noted before, former WWE Chairman and CEO Vince McMahon is currently in the process of preparing his potential return to WWE. McMahon had originally retired from WWE this past July over the fallout of the sexual misconduct and assault allegations against him at the time and has been dealing with recent new legal issues over the matter.

In a filing to the SEC earlier today, WWE confirmed that McMahon has officially rejoined their Board of Directors. It was also stated that three existing board members have been ousted and another two have resigned as a result of McMahon’s return.

WWE’s filing also stated that McMahon is currently expected to return to his former role as the Executive Chairman of their Board and included McMahon’s reasons for his decision to return.

“Based on correspondence from the Board, dated December 27, 2022, and following conversations with representatives of the Issuer both before and after the Reporting Person’s most recent letter on December 31, 2022, the Reporting Person determined, consistent with his rights as controlling stockholder, that the actions he has taken are necessary to maximize value for all of the Issuer’s stockholders …

These actions will enable unified decision making through the Issuer’s upcoming media rights negotiations and a parallel full review of the Issuer’s strategic alternatives, which the Reporting Person believes is the right course of action and in the best interests of the Issuer and the Issuer’s stockholders in the midst of the current dynamics in the media and entertainment industry.”

Following the filing, WWE issued an official press release welcoming back McMahon into the company and confirming the new changes to their Board.

WWE Provides Update Regarding Composition of Its Board of Directors and Exploration of Strategic Alternatives

01/06/2023

STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE: WWE) is providing the following update regarding the composition of its Board of Directors and the exploration of strategic alternatives.

“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. “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.”

As Vince McMahon stated yesterday, “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.”

In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority shareholder, the Company intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders. There is no assurance that this process will result in a transaction.

Vince McMahon, in his capacity as controlling shareholder of the Company, has removed JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the Board. Vince McMahon, George Barrios and Michelle Wilson have been added to the Board to fill the resulting vacancies.

The Board currently consists of:
Vince McMahon
Stephanie McMahon
Nick Khan
Paul Levesque
Steve Koonin
Michelle McKenna
Steve Pamon
George Barrios
Michelle Wilson

Ignace Lahoud and Man Jit Singh have resigned from the Board, effective today.

As part of his return, McMahon changed some of the company’s bylaws including the requirement of any company sale or media deals must be first approved by him in order to continue.