Shares surged more than 22% Friday. WWE said Friday that McMahon, the founder and majority shareholder of WWE, would return as executive chairman.
Vince McMahon is rejoining the board of WWE several months after he retired from the sports entertainment company during an investigation into alleged misconduct.
There have been rumors that WWE may be interested in selling the organization to another entertainment company. The company said in early November that an investigation of a special committee formed to look into the misconduct allegations was completed and that the committee was disbanded. McMahon said in a prepared statement that he doesn’t intend for his return to have any impact on the roles, duties or responsibilities of WWE’s existing management team. His daughter, Stephanie McMahon, serves as co-CEO, along with Nick Khan. McMahon’s son-in-law, Paul Levesque, who wrestled under the name Triple H, serves as chief content officer.
The organization underwent a seismic transformation under McMahon with events like WrestleMania, a premium live production that draws millions of fervent viewers.
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