Well, that was short-lived.
Back in June, Vince McMahon stepped down from his post as CEO of WWE, and he’s already got plans to get his old gig back.
He’s coming out of retirement to return to the board alongside former WWE co-presidents and directors Michelle Wilson and George Barrios to explore the idea of selling the company.
According to the Wall Street Journal, McMahon has the majority voting power at WWE, allowing him to elect himself and hopefully become executive chairman once he gets approved.
However, to make room for McMahon, Wilson, and Barrios to regain the board, three current seatholders needed to step down from their posts.
In a recent statement, McMahon assured that with him at the helm, WWE will be sold for a more lucrative deal.
“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 statement reads.
“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.”
The reinstatement was made official Friday morning, with WWE executives saying, “Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board.”
The news must have been welcomed as WWE’s stock saw a 20% surge.
McMahon’s removal from the company came when he faced a sexual misconduct investigation over allegations he paid $3 million in hush money to a former company staffer so she wouldn’t disclose details of their sexual liaison. Documents showed that he even made the payments from his own personal accounts.
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