Vince McMahon returns to WWE as a member of the Board of Directors


New York
CNN

Former World Wrestling Entertainment chief executive Vince McMahon is returning to the company as a board member, after a six-month hiatus following a money-making and sexual harassment scandal.

WWE confirmed McMahon’s return on Friday, also announcing in a press release that it “intends to undertake a review of its strategic alternatives with the goal of maximizing value for all WWE shareholders.” suggesting that the company might be considering a sale. The shares closed up 17% after the announcement.

“WWE has an exceptional management team in place, and I do not intend for my return to impact their roles, duties or responsibilities,” McMahon said in the statement.

McMahon retired as CEO in July 2022, but remains the company’s majority shareholder. After his departure, WWE disclosed several expenses that McMahon had not reported, totaling $19.6 million. This forced the company to revise its financial statements for 2019, 2020 and 2021.

Although many of the payments relate to the company’s investigation into its allegations of sexual misconduct with former employees, McMahon allegedly made undisclosed payments of $5 million to the former president’s charity Donald Trump, the Donald J. Trump Foundation, in 2007 and 2009, according to the Wall Street Journal.

The Journal in July 2022 reported that McMahon paid more than $12 million to four women, including the one in the previous report, to cover up “allegations of sexual misconduct and infidelity.”

Along with his comeback, McMahon shook up the company’s board and replaced three people. However, his daughter Stephanie – who took over as co-CEO and chair of the board after McMahon’s retirement – ​​will retain those same roles.

In 2021, WWE struck a deal with NBC’s Peacock to broadcast wrestling events on the platform for a deal “valued at over $1 billion,” the Journal reported.

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