Monitoring Desk
ISLAMABAD/CONNECTICUT: Vince McMahon, the former chief executive officer of World Wrestling Entertainment (WWE), is returning to the board of the firm that he headed for four decades and helped transform into a global entertainment giant, WWE confirmed on Friday.
WWE’s shares saw a surge of around 16 per cent, as the entertainment firm also said it would explore strategic alternatives confirming an earlier statement by McMahon.
Former chief expected to take charge as WWE’s executive chairman
The 77-year-old said earlier that he expects to assume the role of executive chairman at WWE so he may be able to better involve himself in the company’s media rights negotiation process.
The former executive said that the only way for the wrestling company to benefit from growing demand for content and live entertainment entirely was for him to take charge as executive chairman once again. His daughter, Stephanie McMahon, is currently heading the firm’s board.
WWE did not state Vince McMahon’s position on the board. McMahon, who holds the majority of voting power in WWE, had informed the firm that he was electing himself and two former co-presidents and directors Michelle Wilson and George Barrios to the board.
McMahon quit as the company’s CEO and chairman last year following a probe into his alleged misconduct. WWE said later that it found some unrecorded expenses linked to McMahon.
