The changes continue in WWE as two members of the company’s Board of Directors have quit following the return of Vince McMahon.
Following the news of Vince McMahon returning to WWE as the Executive Chairman with an intent to sell the company, changes continue in WWE with their Board of Directors.
Vince McMahon retired from WWE in July 2022 due to numerous scandals involving hush money payments involving several women that saw him pay out over $12 million to them. However, Vince felt like he had to come back to sell the company ahead of their next media rights deal.
As we learned following Vince’s return to the corporate structure of WWE, Vince removed JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler from the WWE Board of Directors by written consent. Taking their place are McMahon himself along with former WWE Co-Presidents George Barrios and Michelle Wilson. Those actions took effect immediately.
In a press release that was posted on WWE’s Corporate website, they announced that two members of the Board resigned today. Those two individuals are Ignace Lahoud and Man Jit Singh. It was reported by Sean Ross Sapp of Fightful that Man Jit Singh was the leading investigator on the Vince McMahon investigation internally.
The full press release can be read below.
WWE PROVIDES UPDATE REGARDING COMPOSITION OF ITS BOARD OF DIRECTORS AND EXPLORATION OF STRATEGIC ALTERNATIVES
STAMFORD, Conn., January 6, 2023 – WWE (NYSE: WWE) is providing the following update regarding the composition of its Board of Directors and the exploration of strategic alternatives.
“Today, we announce that 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 maximize shareholder value.”
As Vince McMahon stated yesterday, “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 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.
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 resigned from the Board, effective today.