Reason For Recent Resignations From WWE Board Of Directors Revealed


 Bon Adamson

Vince McMahon’s return to WWE came with some major shakeups to the WWE Board of Directors. Board members Ignace Lahoud and Man Jit Singh resigned from their positions on the board after the announcement of McMahon’s return to the company, while Michelle Wilson and George Barrios were added to the board. 

In a recent SEC filing, the official reasoning behind Lahoud and Singh’s resignations was revealed. In the filing, it was noted that although Lahoud and Singh agreed with the decision of the board to explore “strategic alternatives” for the company, they did not agree with McMahon’s return. McMahon was officially elected as Executive Chairman of the board three days after Lahoud and Singh’s exit.

McMahon’s return to WWE has sent shockwaves through the company. Aside from the board resignations, Stephanie McMahon has now resigned from her position as co-CEO of the company, leaving Nick Khan as the sole CEO of WWE.

On Tuesday, a WWE shareholder named Seth Fellows filed a lawsuit against McMahon in Delaware Chancery Court, claiming that McMahon is acting against the best interest of WWE shareholders. The case centers around McMahon’s threats to use his voting control to jam up any potential media rights deals unless he was reinstated to the board. Fellows is seeking the case to be declared a class action.

McMahon originally stepped away from the company in July in the wake of a report that the WWE board was looking into hush money he had paid to quell allegations of sexual misconduct against him. After McMahon’s retirement, things seemed to have quietened, until reports in December stated that McMahon was having second thoughts about retiring. 


Source link

Comments are closed.