Vince McMahon attends a press convention to announce that WWE Wrestlemania 29 shall be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.
Michael N. Todaro | Getty Pictures
Vince McMahon is staging a comeback at World Wrestling Leisure, months after he retired from the corporate over a sexual misconduct scandal.
Shares of the corporate jumped 10% after hours following McMahon’s Thursday announcement.
McMahon, the corporate’s controlling shareholder, stated he had elected himself government chairman of the corporate, and he introduced on two former WWE co-presidents and board members, Michelle Wilson and George Barrios.
The board initially pushed again on McMahon’s tried return, together with Wilson and Barrios, which might drive three present board administrators out of their positions, in accordance with The Wall Avenue Journal.
McMahon stated that his return is important as the corporate gears up for negotiations over media rights and strategic options. WWE, which types itself as a media firm, has been talked about as a possible acquisition goal.
“The one method for WWE to completely capitalize on this chance is for me to return as Govt Chairman and assist the administration workforce within the negotiations for our media rights and to mix that with a assessment of strategic options,” McMahon stated in his announcement. “My return will permit WWE, in addition to any transaction counterparties, to interact in these processes realizing they may have the assist of the controlling shareholder.”
A WWE spokesman did not instantly touch upon the matter to CNBC.
McMahon retired final yr amid an investigation into funds the previous CEO made relating to alleged situations of sexual misconduct. A particular committee probe discovered that McMahon had paid practically $15 million to 4 ladies over the course of 16 years as a way to silence sexual misconduct allegations.
But, as a result of McMahon is the corporate’s largest shareholder, he maintained lots of energy. His daughter, Stephanie McMahon, and former firm president Nick Khan grew to become co-CEOs after he retired. Vince McMahon had additionally turned over inventive management to his son-in-law, Paul Levesque, a former wrestler who was often known as Triple H.
“Mr. McMahon can successfully train management over our affairs,” the corporate stated in a November regulatory submitting.
–CNBC’s Lillian Rizzo contributed to this report.
