Vince MCMAHON MAKES SHOCKING RETURN TO WWE: Full Story!
368-Bit Eric ( 8BE ) Former WWE CEO Vince McMahon, who remains the controlling shareholder of the wrestling organization, will return to the company to "fully capitalize" on the upcoming media rights negotiations, he announced Thursday.
McMahon, 77, retired over the summer following allegations of sexual misconduct that included non-disclosure agreement payments. Though McMahon used personal funds for the NDA payments, he failed to record those expenses, which totaled $19.6 million.
"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 in a statement released Friday. "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."
The board previously rebuffed an attempt from McMahon to return to the company, but he retains the majority of the voting power.
"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 said Thursday.
He added: "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."
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