Vince McMahon’s return to the WWE Board of Directors has led to two lawsuits being filed against him due to his reentry into the company.
According to a new SEC filing, McMahon will no longer need stockholder approval for his actions within the company as he reportedly seeks to oversee a sale of WWE.
The detailed filing outlines that McMahon now has the authority to make decisions for WWE independently, without requiring a meeting or vote from shareholders. With this amendment in place, McMahon will have full control over a potential sale in the coming months or, if a sale does not occur, over the company’s media rights deal.
Last year, McMahon stepped down from his roles as CEO and Executive Chairman of WWE following allegations of sexual misconduct and misuse of funds for “hush money” payments.
However, earlier this month, McMahon made a surprising return to the company’s Board of Directors and was quickly reinstated as Executive Chairman. His actions were presented under the guise of exploring a sale of the company, a possibility that has been rumored for several years.
Following her father’s return, former WWE co-CEO Stephanie McMahon announced her resignation, leaving Nick Khan as the sole CEO of the company. Her husband, Paul “Triple H” Levesque, recently held meetings to reassure talent that he remains in charge of WWE’s creative direction as Chief Content Officer.