Vince McMahon attends a press convention to announce that WWE Wrestlemania 29 shall be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.
Michael N. Todaro | Getty Pictures
Vince McMahon is staging a comeback at World Wrestling Leisure, months after he retired from the corporate over a sexual misconduct scandal.
Shares of the corporate jumped 10% after hours following McMahon’s Thursday announcement.
McMahon, the corporate’s controlling shareholder, mentioned he had elected himself government chairman of the corporate, and he introduced on two former WWE co-presidents and board members, Michelle Wilson and George Barrios.
The board initially pushed again on McMahon’s tried return, together with Wilson and Barrios, which might pressure three present board administrators out of their positions, in response to The Wall Avenue Journal.
McMahon mentioned that his return is important as the corporate gears up for negotiations over media rights and strategic alternate options. WWE, which types itself as a media firm, has been talked about as a possible acquisition goal.
“The one manner for WWE to totally capitalize on this chance is for me to return as Govt Chairman and assist the administration staff within the negotiations for our media rights and to mix that with a overview of strategic alternate options,” McMahon mentioned in his announcement. “My return will permit WWE, in addition to any transaction counterparties, to interact in these processes understanding they are going to have the assist of the controlling shareholder.”
A WWE spokesman did not instantly touch upon the matter to CNBC.
McMahon retired final 12 months amid an investigation into funds the previous CEO made relating to alleged cases of sexual misconduct. A particular committee probe discovered that McMahon had paid practically $15 million to 4 girls over the course of 16 years to be able to silence sexual misconduct allegations.
But, as a result of McMahon is the corporate’s largest shareholder, he maintained a variety of energy. His daughter, Stephanie McMahon, and former firm president Nick Khan grew to become co-CEOs after he retired. Vince McMahon had additionally turned over inventive management to his son-in-law, Paul Levesque, a former wrestler who was referred to as Triple H.
“Mr. McMahon can successfully train management over our affairs,” the corporate mentioned in a November regulatory submitting.
–CNBC’s Lillian Rizzo contributed to this report.
