Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.
Michael N. Todaro | Getty Images
Vince McMahon will return World Wrestling Entertainmentmonths after he retired from the company due to a sexual misconduct scandal.
The company’s shares jumped 10% in the following hours Announcement Thursday McMahon.
McMahon, a controlling shareholder in the company, said he elected himself CEO of the company, calling out two former WWE bosses and board members, Michelle Wilson and George Barrios.
The board initially rejected McMahon’s bid to return, along with Wilson and Barrios, which would force three current directors on the board out of their positions, according to The New York Times. Wall Street Journal.
McMahon said his return was necessary as the company prepared to negotiate media rights and strategic alternatives. WWE, which styles itself as a media company, has been mentioned as a potential takeover target.
“The only way for WWE to take full advantage of this opportunity is to return as CEO and support the management team in negotiations for our media rights and combine that with reviewing strategic alternatives,” McMahon said in his announcement. “My return would allow WWE, as well as any other parties to the transactions, to participate in these operations knowing that they would have the support of the controlling shareholder.”
A WWE spokesperson did not immediately comment on the matter to CNBC.
McMahon retired last year amid an investigation into payments made by the former CEO in connection with alleged cases sexual misconduct. investigation of a special commission Found McMahon paid four women nearly $15 million over a 16-year period to silence allegations of sexual misconduct.
However, since McMahon is the largest shareholder in the company, he has maintained quite a bit of power. His daughter Stephanie McMahon and former company president Nick Kahn became co-CEOs after his retirement. Vince McMahon also handed over creative control to his brother-in-law, Paul Levesque, a former wrestler who was better known as Triple H.
“Mr. McMahon can exercise effective control over our affairs,” the company said in a regulatory filing released in November.
— CNBC’s Lillian Rizzo contributed to this report.
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