STAMFORD, CT (CelebrityAccess) — Wrestling promotion and media giant WWE announced the return of founder and former CEO Vince McMahon to the company’s board of directors as they explore a potential sale.
“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.”
“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,” McMahon added.
WWE advised shareholders that the company is exploring “strategic alternatives” and has retained JPMorgan to advise on the potential sale, CNBC reported. As CNBC noted, the company’s value as intellectual property makes it of potential interest to multiple media outlets as ownership would obviate the need to winning licensing rights in an auction every few years.
McMahon served as chairman and CEO for WWE from 1982 to 2022 but stepped down from that role in 2022 amid an investigation into claims of sexual and financial misconduct that included the alleged use $3 million of WWE’s money to settle sexual harassment claims from former employees.
Initially, McMahon stepped down as CEO and chairman of WWE, but continued to oversee content development but in July, he announced his retirement, succeeded in the leadership role at the company by his daughter, Stephanie McMahon, who serves as co-CEO, along with Nick Khan.
An internal investigation of the misconduct allegations was disbanded in November after WWE said the investigation had been completed.
