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World Wrestling Entertainment (NYSE:WWE) majority owner and former Chief Executive Vince McMahon is planning to return to the business to “position the company to capitalize on a unique opportunity to maximize long-term value for all WWE shareholders,” it was confirmed late Thursday.
The move would be less than a year after McMahon retired following a sexual-harassment scandal.
McMahon has elected himself and two former co-presidents and directors, Michelle Wilson and George Barrios, to the board while also removing three board of directors members.
“Mr. McMahon’s new role will enable unified decision making through the company’s upcoming media rights negotiations and a parallel full review of the Company’s strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry,” a statement read.
Mr. McMahon’s daughter Stephanie took over as chairwoman and co-CEO of the company alongside Nick Khan when her father retired. However, it is unclear what his return means for their roles.
“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,” said Mr. McMahon.
“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.”
