The news of the moment must be, without a doubt, the return announcement of Vince McMahon to WWE, from which he had withdrawn in July of last year as a result of a series of accusations against him. Since then, Stephanie McMahon, Nick Khan Y Triple H they took over the company and took over the creative direction. However, it appears that the 77-year-old has had other plans after seeing the recent success of his company and decided to pursue what he considers to be “what is best for the company”, with many speculating on a possible sale of the company.
► Vince McMahon is again on the WWE Board of Directors
Even though WWE shares on the stock market skyrocketed With the recent announcement of Vince McMahon’s return (and possible sale), this effect may not last long depending on what the 77-year-old ends up doing at the company. Various reactions behind the scenes showgenerally, an environment of uncertainty, although some are optimistic and believe that it will not affect the creative partwith which the product could remain the same and with the touch of Triple H. However, everything can change in a matter of days… or hours.
Precisely, a few minutes ago we were able to learn about the amendment to Exhibit 13D presented by McMahon, in which he formalizes the change of three members of the board of directors, to include himself, and George Barrios and Michelle Wilson, who are people he trusts, thus confirming the intentions that he had exposed in a press release issued only a few hours ago. In summary, Vince McMahon has once again taken control of the WWE board of directors with a simple paperwork, taking into account that he still has the majority of the company’s votes and any opposition was, by all accounts, unnecessary.
The relevant part of the amendment, where three members of the board of directors are removed for the inclusion of the new group led by Vince McMahon is shown below:
“REMOVAL OF MEMBERS OF THE BOARD OF DIRECTORS
CONSIDERING that, under Delaware law, the power to remove any director resides with the shareholders entitled to vote for the election of such director, and Article VI of the Charter and Article II, Section 2.12 of the Bylaws provide at the pertinent part that any director may be removed, with or without cause, by the shareholders entitled to vote for the election of said director.
NOW, THEREFORE, IT IS HEREBY RESOLVEDthat, effective immediately, each of the following persons be, and hereby be removed, without cause, from the Board of Directors of the Corporation (the “Board of Directors”) (the “Removal Resolution”):
JoEllen Lyons Dillon
Jeffrey R. Speed
Alan M. Wexler
FILLING VACANCIES ON THE BOARD OF DIRECTORS
CONSIDERING whereas, under Delaware law, the power to fill director vacancies inherently resides with shareholders, Article VI of the Charter grants the Board exclusive authority to fill newly created directorships, but does not grant the Board any authority to fill other vacant director positions, and Article II, Section 2.12 of the Bylaws provides in pertinent part that any vacancy on the Board caused by the removal of a director by shareholders may be filled by shareholders with right to vote for the election of the dismissed director.
NOW, THEREFORE, IT IS HEREBY RESOLVEDthat, effective immediately, each of the following persons shall be, and hereby be elected to fill a vacancy on the Board of Directors caused by the Removal Resolution:
Vincent K. McMahon
The previous resolutions and actions taken by this Consent will have the same force and effect as if they were taken at a meeting of shareholders of the issued and outstanding shares of the Corporation’s capital stock with the right to vote duly called and constituted in accordance with the Bylaws. and the laws of the State of Delaware.”
In short, WWE has entered the era of Vince McMahon again after five and a half months of “retirement”. It will be necessary to see what the future holds for the company due to the uncertainty that this generates, although it will surely continue to function as in the last four decades. We must remember that, for the moment, Vince is only on the board of directors, but not in the creative part.
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OFFICIAL: Vince McMahon returned to WWE