Former WWE Chairman Vince McMahon has issued a statement regarding his shocking plans to return to the company just months after his retirement.
The wrestling world was stunned in July 2022 when Vince McMahon announced that he was retiring as Chairman and CEO of WWE after forty years of leading the company he bought from his father. McMahon’s decision came amid an internal investigation into ‘hush money’ payments allegedly paid to former WWE employees as a result of McMahon’s alleged sexual misconduct.
The Wall Street Journal has now reported that Vince McMahon wants to return to WWE along with two former board members in an effort to sell the company:
“Vince McMahon, who has majority voting power through his ownership of WWE’s Class-B stock, has told the company that he is electing himself and two former co-presidents and directors, Michelle Wilson and George Barrios, to the board, the people said. The move to reinstate Mr. McMahon, which the board previously rebuffed, and the others will require three current directors to vacate their positions.”
Vince McMahon has now issued a statement clarifying that he intends to return to the company in the role of Executive Chairman:
“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms.”
“The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
McMahon added that he did not plan for his return to impact of the “roles, duties, or responsibilities” on the rest of WWE management which includes his daughter and current WWE Chairwoman Stephanie McMahon and Chief Content Officer, Triple H:
“Ms. Wilson and Mr. Barrios are highly qualified directors whose professional experience positions them well to help the Company achieve the best possible outcomes in both initiatives. As former WWE Co-Presidents and Board members, they are intimately familiar with industry dynamics and the organization’s operations and have helped guide the Company through past successful media rights negotiations.”
“I look forward to working closely again with Michelle and George – as well as the Company’s remaining directors and management team, who have my full support and confidence. 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.”