Vince McMahon’s story got even more interesting this morning when it was announced that he is back on WWE’s Board of Directors. On January 5, news came out that Vince McMahon had been making plans to come back to WWE after leaving on July 22, 2022.
Even though the WWE Board of Directors is looking into multiple claims of sexual misconduct, the Wall Street Journal said last month that McMahon was planning to return to the WWE because he thought he got bad legal advice and that the whole scandal would go away. In light of that, a new SEC filing shows that McMahon is back working for the company.
Wrestlenomics’ Brandon Thurston says that a new filing says “effective immediately.”
Vince McMahon adds himself, Michelle Wilson, and George Barrios to the WWE board. He gets rid of Alan Wexler, JoEllen Lyons Dillon, and Jeffrey Speed, independent directors. Here you can find all 68 pages of the filing. Thurston also said that McMahon changed WWE’s bylaws so that media rights deals and sales of the company couldn’t happen without his permission. As part of his return to the company, he might be in charge of selling WWE.
Vince McMahon is back on WWE’s board of directors.
A new filing says effective immediately Vince puts himself, Michelle Wilson, and George Barrios on the board and removes independent directors Alan Wexler, JoEllen Lyons Dillon, and Jeffrey Speed.https://t.co/HGzFZNvaXM pic.twitter.com/Y3HIRGearx
— Brandon Thurston (@BrandonThurston) January 6, 2023
On December 20, McMahon sent a letter to the WWE board saying he wanted to return as executive chairman. But the board wrote back, “…it is also our unanimous view that your return to the Company at this time, while the U.S. Attorney’s Office and SEC are still investigating your actions, would not be wise from the point of view of shareholder value.”
The letter said, “This decision is based on a number of things, including non-public information that the Board has learned and the risks to the Company and its shareholders if these issues get more attention.”
McMahon wrote back on December 31 that he disagreed with their decision and that “unless I have direct involvement and input as Executive Chairman from the start, I will not be able to support or approve any media rights deals or strategic transactions…”
After the McMahon news came out on Thursday, WWE’s stock went up greatly in the after-hours market. At this point, it’s unclear what Vince McMahon’s return to WWE would mean for how TV shows are made. Shortly after McMahon left, Stephanie McMahon and Nick Khan made co-CEOs.
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Jessa Martin is the author of Nogmagazine, A professional in writing by day, and novelist by night, she received her bachelor of arts in film from Howard University and her master of arts in media studies from the New School. A Brooklyn native, she is a lover of naps, cookie dough, and beaches, currently residing in the borough she loves, most likely multitasking.