It has been confirmed that Vince McMahon’s powerplay to return to WWE was behind two Board members’ decision to quit the company.
Vince McMahon stunned the wrestling world once again on the 6th of January 2023 when he forced his way back onto WWE’s Board of Directors along with former company co-Presidents Michelle Wilson and George Barrios as he sought to re-establish his authority at the top of the company. A move that has caused a class action lawsuit to be launched.
McMahon’s power grab was complete on the 10th of January when he was appointed Executive Chairman while his daughter Stephanie McMahon resigned as Chairwoman and co-CEO, leaving Nick Khan as the sole CEO of WWE.
While Vince McMahon’s return to the Board along with Wilson and Barrios led to the departure of the three independent directors that they were replacing, two other Board members also walked away.
Ignace Lahoud and Man Jit Singh stepped down from the Board on the 6th of January and so far have not been replaced. Singh is said to be the Board member who led the investigation into Vince McMahon that led to his short-lived retirement in July 2022.
In an 8-K filing with the Securities and Exchange Commission, it is noted that “Lahoud and Singh agreed with the Board’s decision to explore the Company’s strategic alternatives, they did not agree with Mr. McMahon’s return at this time” and as a result, they stepped down.
The Boardroom chess has been somewhat overshadowed by the rumours that the company is heading for a sale, with Nick Khan said to have met with one potential suitor recently.