Shortly after their filing with the Securities and Exchange Commission, this morning (January 6) was published by WWE issued a press release confirming the return of Vince McMahon to its board of directors.
WWE is providing an update regarding the composition of its Board of Directors and exploring strategic alternatives
Stamford, Connecticut, January 6, 2023 WWE (NYSE: WWE) provides the following update regarding the composition of its Board of Directors and exploring strategic alternatives.
“Today, we’re announcing that WWE Founder Vince McMahon will be returning to the board of directors,” said President and Co-CEO Stephanie McMahon, Co-CEO Nick Khan, and Chief Content Officer Paul Levesque. We also welcome Michelle Wilson and George Barrios back to our Board of Directors. Together, we look forward to exploring all strategic alternatives to maximize shareholder value.”
As Vince McMahon stated yesterday, “WWE has an exceptional management team, and I do not intend my return to have any impact on their roles, duties, or responsibilities.”
In connection with the change in the composition of the Board of Directors and with Vince McMahon as a major shareholder, the Company intends to conduct a review of its strategic alternatives with the aim of maximizing value for all WWE shareholders. There is no guarantee that this process will result in a transaction.
Vince McMahon, as the controlling shareholder of the company, removed Joelyn Leon Dillon, Jeffrey R. Speed, and Alan M. Wexler from the board of directors. Vince McMahon, George Barrios, and Michelle Wilson were added to the board of directors to fill the resulting vacancies.
The Board of Directors currently consists of:
• Vince McMahon
• Stephanie McMahon
• Nick Khan
• Paul Levesque
• Steve Koonen
• Michelle McKenna
• Steve Pamon
• George Barrios
• Michelle Wilson
Ignace Lahoud and Man Jeet Singh have resigned from the Board of Directors effective today.
The quote attributed to current co-CEOs Nick Khan, Stephanie McMahon, and Chief Content Officer Paul “Triple H” Levesque (aka the man who appears to be Vince’s hand-picked successor, daughter, and son-in-law) would be heavily analyzed more for tone than actual content. Fans hoping that the changes we’ve seen from WWE over the five months or so since Vince’s departure won’t be erased will endorse his quote about not affecting the company’s current management.
The most interesting thing here, at least for this writer, is the admission that Vince’s Review of Strategic Alternatives may opt for the status quo. It’s like almost all talk of shareholder value that it was just window dressing as his main goal, back in the company he built, and his ownership stake meant he never lost control — even after he resigned while being investigated for recording improper financial payments. of the sexual partners and women who claimed to be victims of it.
As for the two board members who are leaving, apparently in response to Vince’s return… Lahoud is a former Disney executive who currently runs a retail and resort development company out of Dubai. He joined the WWE Board of Directors in May of 2022. He served on the audit committee led by Jeffrey Spade until he was ousted as part of Vince’s return. Singh is the former President of Home Entertainment at Sony. He was elected to the board in 2018 with Alan Wexler, one of the other independent directors VKM replaced to make room for himself, Barrios & Wilson.