WWE said Vince McMahon will be returning to the wrestling company’s board of directors and the company will be exploring “strategic alternatives.”
The news sent WWE stock up more than 16% to $84.19 in early Friday trading -- its highest price in a year.
WWE’s wrestling programming runs on Fox and Comcast’s USA Networks. It also streams via Comcast’s Peacock.
McMahon retired as chairman and CEO of WWE in July amid probes of payments to a former WWE employee with whom McMahon allegedly had an affair.
When McMahon stepped down, his daughter Stephanie McMahon became chairman and co-CEO with Nick Kahn.
"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 said.
WWE said that Michelle Wilson and George Barrios were also returning to the company’s board of directors. McMahon as controlling shareholder of the company removed JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the Board, Ignace Lahoud and Man Jit Singh also resigned from the Board, effective Friday.
“In connection with the change in the composition of the Board of Directors and in cooperation with Vince McMahon as majority shareholder, the Company intends to undertake a review of its strategic alternatives with the goal being to maximize value for all WWE shareholders. There is no assurance that this process will result in a transaction,” the company said. ■
