Vince McMahon has officially returned to the WWE board of directors.
The 77-year-old businessman, who is majority shareholder, retired in July 2022 and stepped down from his roles as chairman and CEO amid an investigation into misconduct allegations.
Now, a US Securities and Exchange Commission (SEC) filing has confirmed he is back on the board, alongside former co-presidents and directors Michelle Wilson and George Barrios.
The document reads: ‘Effective immediately, each of the following individuals be, and hereby is, elected to fill a vacancy on the Board of Directors caused by the Removal Resolution: George Barrios, Vincent K. McMahon, Michelle Wilson’.
With that, JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler have been removed from the board.
Elsewhere in the filing, it’s said the board needs his approval when ‘entering into, materially modifying or taking certain other actions with respect to certain media rights contracts or transactions’.
On Thursday (January 5), McMahon said in a statement: ‘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.’
In a press release, it’s said McMahon said he wanted to work ‘collaboratively with the Board and management team’.
He is looking forward to working with Wilson and Barrios, who he hailed as ‘highly qualified directors whose professional experience positions them well to help the Company achieve the best possible outcomes in both initiatives’.
He continued: ‘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 stepped down from his roles as CEO and chairman in July after the Wall Street Journal reported he had allegedly paid millions of dollars in hush money to multiple women following alleged affairs and sexual misconduct.
His statement comes after the Wall Street Journal reported that in late December he informed the board of his desire to return to the company to help lead a ‘strategic-review process’.
In correspondence including in the filing, the board responded last month to tell McMahon that it was open to work with him on a review process, but the board is said to have told him it unanimously agreed that his return wouldn’t be in the best interest of shareholders.
Metro.co.uk has contacted WWE for comment.
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