WWE Confirms Vince McMahon Return; Former CEO Ejects Three From Board, Two Others Resign

deadline.com:

WWE today confirmed the return of Vince McMahon to its board and said it’s removed three directors to make room for the former CEO and two of his allies. “Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” said WWE chair and co-CEO Stephanie McMahon, co-CEO Nick Khan and chief content officer Paul Levesque. “We also welcome back Michelle Wilson and George Barrios to our Board of Directors.

Together, we look forward to exploring all strategic alternatives to maximize shareholder value.” McMahon signaled his return yesterday but said he doesn’t intend for it “to have any impact on [current management’s] roles, duties, or responsibilities.” “In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority shareholder, the Company intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders.

There is no assurance that this process will result in a transaction,” WWE said inwhat it called an “Update Regarding Composition of Its Board of Directors and Exploration of Strategic Alternatives” in this odd, unfolding saga.   It said McMahon, in his capacity as controlling shareholder, “has removed JoEllen Lyons Dillon, Jeffrey R.

Speed and Alan M. Wexler from the Board” to add McMahon, Barrios and Wilson. Two other board members, Ignace Lahoud and Man Jit Singh, have resigned, effective today.