Why has Vince McMahon returned to WWE as Executive Chairman? What’s next for the company?
The boss is back. Vince McMahon has taken over WWE after a leave of absence in which his daughter Stephanie took control of the company.
The founder, former CEO and showman decided the timing was right to take back control of his professional wrestling empire. Speculation on social media suggested that McMahon might be trying to sell the company.
The WWE officially announced Vince McMahon’s return
WWE announced on Wednesday that their Board of Directors elected Vince McMahon as Executive Chairman of the Board. “First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand,” McMahon said.
Vince’s daughter agreed to step aside to make the transition easier
Stephanie McMahon took over in July, 2022 when her father took a step back to avoid the limelight amongst claims of misconduct. “I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders,” she said.
Rumors of a WWE take over make #WWESold a trending topic
Vince McMahon stepped down in July 2022 when reports came out about million-dollar payments being made to women to hide numerous allegations of infidelity. Despite the news on Twitter and reports in some media outlets about WWE being sold to Saudi investors, the company has not made any official statements regarding the sale of the company.
WWE CEO Nick Khan made it clear in the company’s press release that it was business as usual at the sports entertainment company. “I’m grateful to Vince McMahon and our Board of Directors for their ongoing support. I look forward to continuing to work closely with them and my WWE colleagues to ensure our company may thrive as the premiere powerhouse in sports entertainment for years to come,” he said.
Vince McMahon didn’t mention news of a sale either and tried to calm investors and fans by saying that the business is growing and he is back to work with Kahn to take the company forward. “Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders,” he said on Wednesday.