Former WWE CEO VinceMcMahon to return as executive chairman
McMahon, 77, stepped down in July amid an investigation into his past alleged sexual misconduct. On Thursday, he announced that he was using his majority stake in the company to elect himself as executive chairman, along with former co-presidents and directors Michelle Wilson and George Barrios. He argued that his return was needed, given the company was approaching a"critical juncture.
He had first written to shareholders in December expressing his desire to return, but they responded that they unanimously agreed it was a bad idea, sources familiar with the matter told the Wall Street Journal. McMahon overruled them anyways, and looks poised to re-enter as executive chairman. Markets reacted favorably to the news, with the company's shares rising over 10% following the announcement.
In his statement announcing his retirement, Vince McMahon said co-CEOs Stephanie McMahon and Nick Khan would be taking over his responsibilities, though he would remain a majority stakeholder.
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