Amidst speculation of a sale, wrestling media empire WWE (NYSE: WWE) has announced a board reshuffle and the return of Founder Vince McMahon, who stepped down from the board in 2022 following accusations of sexual misconduct.
“The founder of WWE, Vince McMahon, will be returning to the Board,” said Chairwoman & 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 maximise shareholder value.”
Vince McMahon stated, “WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their 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 says it intends to undertake a review of its strategic alternatives with the goal being to maximise value for all WWE shareholders.
“There is no assurance that this process will result in a transaction,” it said.
Vince McMahon, in his capacity as controlling shareholder of the Company, has removed JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the Board. Vince McMahon, George Barrios and Michelle Wilson have been added to the Board to fill the resulting vacancies.
The Board currently consists of:
- Vince McMahon
- Stephanie McMahon
- Nick Khan
- Paul Levesque
- Steve Koonin
- Michelle McKenna
- Steve Pamon
- George Barrios
- Michelle Wilson
Ignace Lahoud and Man Jit Singh have also resigned from the Board.
WWE consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience via television programming, premium live events, digital media, and publishing platforms. WWE’s TVPG programming can be seen in more than 1 billion homes worldwide in 30 languages through distribution partners including NBCUniversal, FOX, BT Sport, Sony India and Rogers. The WWE Network, including premium live events, scheduled programming and video on-demand library, is currently available in more than 180 countries. In the United States, NBCUniversal’s streaming service, Peacock, is the exclusive home to WWE Network.