January 30, 2023

Vince McMahon returns to WWE as a board member


New York
CNN

Former CEO of World Wrestling Entertainment Vince McMahon He returns to the company as a board member, after A.J Six months off After the scandal of silence and sexual harassment.

On Friday, WWE confirmed McMahon’s return, and also announced in a press release that it “intends to conduct a review of its strategic alternatives with the goal of maximizing value for all WWE shareholders,” suggesting that the company may explore a sale. The shares closed up 17% after the announcement.

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

McMahon retired as CEO in July 2022, but remains the majority shareholder in the company. After his departure, WWE disclosed multiple expenses McMahon did not report, totaling $19.6 million. This forced the company to revise its financial statements for the years 2019, 2020 and 2021.

Although many of the payments relate to the company’s investigation into his alleged sexual misconduct with former employees, McMahon reportedly made undisclosed payments of up to $5 million to Donald Trump’s charity, the Donald J. Trump Foundation, in 2007 and 2009, According to The Wall Street Journal.

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

In addition to his return, McMahon shook up the company’s board of directors and replaced three people. However, his daughter Stephanie — who took over as co-CEO and chairman after McMahon’s retirement — will retain the same roles.

in 2021, WWE made a deal with NBC’s Peacock to stream wrestling events on the platform for a deal “worth over $1 billion,” the magazine reported.