Vince McMahon’s return to WWE has shaken the wrestling world to its core and saw the departure of multiple members of the promotion’s Board of Directors.
McMahon, who has the majority voting power in WWE, was reappointed to WWE’s Board of Directors last week, alongside former co-Presidents Michelle Wilson and George Barrios.
Despite McMahon’s return being cited as just to oversee a sale of WWE, the 77-year-old billionaire has been appointed ‘Executive Chairman’ of WWE following the resignation of Stephanie McMahon.
Resignations
The return of McMahon, Wilson, and Barrios also saw the departure of JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler from the board.
Not long after these names were removed, it was reported that Man Jit Singh And Ignace Lahoud had voluntarily relinquished their positions on the board.
In an SEC report filed yesterday afternoon, WWE confirmed that their departures came about because of McMahon’s return.
“Messrs. Lahoud and Singh agreed with the Board’s decision to explore the Company’s strategic alternatives, they did not agree with Mr. McMahon’s return at this time.”
Singh’s departure is particularly notable, as he led the board’s investigation into McMahon’s allegations of sexual misconduct and hush-money payments.
There is currently no word on who will fill these spots.
Legal Trouble
Vince McMahon is back on top of his wrestling kingdom, but how long the Executive Chairman stays there remains to be seen.
One investor with WWE has filed a lawsuit against McMahon, alleging that his methods to take control of WWE are illegal.
McMahon allegedly threatened to oppose any TV rights talks or offers to buy WWE, unless he got the final say on any future plans.
The suit states that the move to “take complete personal control over any major corporate decision” by “adding his cronies to the board” violates Delaware law.
