Vince McMahon, the majority shareholder of WWE, used his influence to demand that he be reinstated to a position of power to approve any media rights deals. It appears that his efforts were successful.
According to a recent filing with the Securities and Exchange Commission, Vince McMahon has rejoined the board of directors for WWE. Thurston of Wrestlenomics noted this significant development.
Vince McMahon is back on WWE’s board of directors.
A new filing says effective immediately Vince puts himself, Michelle Wilson, and George Barrios on the board and removes independent directors Alan Wexler, JoEllen Lyons Dillon, and Jeffrey Speed.https://t.co/HGzFZNvaXM pic.twitter.com/Y3HIRGearx
— Brandon Thurston (@BrandonThurston) January 6, 2023
It is unclear at this time how McMahon’s return to the board of directors will affect the creative direction of the company. Only time will reveal how this may impact the path leading up to WrestleMania and the overall direction of WWE moving forward in 2023.
Here is the filing:
REMOVAL OF MEMBERS OF THE BOARD OF DIRECTORS
WHEREAS, under Delaware law, the power to remove any director resides in the stockholders 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 in relevant part that any director may be removed, with or without cause, by the stockholders entitled to vote for the election of such director.
NOW, THEREFORE, IT IS HEREBY RESOLVED, that, effective immediately, each of the following individuals be, and hereby is, 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 OF VACANCIES ON THE BOARD OF DIRECTORS
WHEREAS, under Delaware law the power to fill director vacancies resides inherently in the stockholders, Article VI of the Charter grants the Board exclusive authority to fill newly created directorships but does not grant the Board exclusive authority to fill other vacant directorships, and Article II, Section 2.12 of the Bylaws provides in relevant part that any vacancy in the Board caused by the removal of a director by the stockholders may be filled by the stockholders entitled to vote for the election of the director so removed.
NOW, THEREFORE, IT IS HEREBY RESOLVED, that, effective immediately, each of the following individuals be, and hereby is, elected to fill a vacancy on the Board of Directors caused by the Removal Resolution:
George Barrios
Vincent K. McMahon
Michelle Wilson
The above resolutions and actions taken by this Consent shall have the same force and effect as if taken at a meeting of the stockholders of the issued and outstanding shares of capital stock of the Corporation entitled to vote thereon duly called and constituted pursuant to the Bylaws and the laws of the State of Delaware. This consent may be executed in two or more counterparts, each of which shall be deemed an original and together constitute one and the same consent.
