The news of Vince McMahon’s return to World Wrestling Entertainment has caused quite a stir in the media. A lot of decisions have been made, and the entire organization has experienced decades’ worth of adjustments in a relatively short period of time. However, one of the few shareholders is dissatisfied with the situation and is taking matters into his own hands.
Vince McMahon, also known as the pioneer of the professional wrestling revolution in the United States, has made his return after his announced retirement from WWE. Although he replaced his own daughter, Stephanie McMahon, as chairwoman at the time now he is reclaiming it.
Few shareholders of the company are unhappy because of these sudden changes. They believe Vince is taking advantage of his voting control to force other board members to exit. Due to the shareholders’ negative opinion on the issue, World Wrestling Entertainment has been on sale rumors.
Vince McMahon was wild for this 💀💀 pic.twitter.com/YGBwq7mqJ4
— Wrestlelamia.co.uk (@wrestlelamia) January 8, 2023
The reinstallation of the former chairman has resulted in a slew of adjustments. Three board members, including JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler, were dismissed from their positions. In their place, George Barrios and Michelle Wilson resumed their previous roles.
The departures did not stop there; WWE Chairwoman and Co-CEO Stephanie McMahon resigned from her responsibilities, putting the CEO position in the hands of Nick Khan, while Vince was reappointed as chairman of the board.
A class action lawsuit has been launched against Vince McMahon.
A shareholder is suing McMahon in Delaware, accusing him of wielding his ~81% voting control to impose his will on $WWE illegally. Cites board changes, threats to interfere w/ media rights.https://t.co/AN8ApJMuOK pic.twitter.com/cKhkG8WCDg
— Moonlight Graham 🌙✨ (@ReeceKelleyG) January 11, 2023
The former CEO of WWE wrote a statement after his rejoining the company that stated, “The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. “My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
Regardless of the fact that shareholders have diverse motivations, the 77-year-old believes the corporation needs a guy like him in command. The fans, on the other hand, have a neutral opinion on the issue.