Former CEO Vince McMahon plans to return to the WWE, however solely to promote the enterprise he became a world leisure model.
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The Wall Avenue Journal experiences that McMahon — nonetheless WWE’s majority stockholder — indicated on Thursday that “he’s electing himself and two former co-presidents and administrators, Michelle Wilson and George Barrios, to the board.” Three of the present administrators will reportedly have to go away their positions to make room.
McMahon, age 77, retired in the summertime of 2022 amid sexual misconduct allegations. He additionally allegedly used his personal cash for $19.6 million in non-disclosure settlement funds then uncared for to report these as private bills.
This is not the primary time McMahon has tried to return, however the board rejected his earlier try to take again the reins. ESPN quoted from an announcement through which McMahon stated the “WWE is getting into a crucial juncture in its historical past with the upcoming media rights negotiations coinciding with elevated industry-wide demand for high quality content material and reside occasions and with extra firms searching for to personal the mental property on their platforms.”
“My return,” he continued, “will enable WWE, in addition to any transaction counterparties, to interact in these processes figuring out they’ll have the help of the controlling shareholder.”
McMahon’s daughter Stephanie McMahon and Nick Khan have served as WWE’s co-CEOs since he retired, however he could not have a beef with their management as a lot as he desires an opportunity to finish issues with the WWE on his personal phrases. Because the WSJ famous, McMahon has stated that his actions in leaving final yr have been based mostly partly on “dangerous recommendation from individuals near him … to step down.”
