Vince McMahon stands at Republican state conference in Hartford, Conn. McMahon is rejoining the board of WWE a number of months after he stepped down as CEO and chairman of the sports activities leisure firm throughout an investigation into alleged misconduct.

Jessica Hill/AP

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Jessica Hill/AP

Vince McMahon stands at Republican state conference in Hartford, Conn. McMahon is rejoining the board of WWE a number of months after he stepped down as CEO and chairman of the sports activities leisure firm throughout an investigation into alleged misconduct.

Jessica Hill/AP

Vince McMahon is rejoining the board of WWE a number of months after he retired from the sports activities leisure firm throughout an investigation into alleged misconduct.

WWE mentioned Friday that McMahon, the founder and majority shareholder of WWE, would return as government chairman. It additionally introduced a board shakeup.

Shares surged greater than 22%.

McMahon retired as WWE’s chairman and CEO in July. He had stepped down quickly from the posts a month earlier. The Wall Street Journal reported over the summer time that McMahon agreed to pay greater than $12 million over the previous 16 years to suppress allegations of sexual misconduct and infidelity.

The Stamford, Connecticut, firm mentioned Friday that it could be taking a look at “all strategic alternatives to maximize shareholder value.”

There have been rumors that WWE could also be concerned with promoting the group to a different leisure firm.

McMahon appeared to handle that risk in a letter to the board, dated Dec. 20, however printed Friday.

“I believe WWE has a unique opportunity during this critical juncture to maximize value for its shareholders and all other stakeholders,” McMahon wrote. “Specifically, given the rapidly evolving media landscape in which more and more companies are seeking to own the intellectual property offered on their streaming platforms – I firmly believe that the best thing to do for all of WWE’s shareholders and other stakeholders is to undertake a comprehensive review of strategic alternatives.”

The firm mentioned in early November that an investigation of a particular committee shaped to look into the misconduct allegations was accomplished and that the committee was disbanded.

The firm on Friday didn’t instantly return requests from The Associated Press in search of particulars concerning the findings of that committee. It did say on the time that the corporate was implementing a number of the solutions of the committee.

McMahon’s return coincides with the airing of a few of WWE’s largest premium stay occasions of the yr. The Royal Rumble takes place this month in Texas, whereas Wrestlemania, a two-day occasion, begins in April.

McMahon mentioned in a ready assertion that he would not intend for his return to have any influence on the roles, duties or duties of WWE’s present administration crew. His daughter, Stephanie McMahon, serves as co-CEO, together with Nick Khan. McMahon’s son-in-law, Paul Levesque, who wrestled underneath the identify Triple H, serves as chief content material officer.

McMahon managed a majority of firm shares even after his retirement, giving him the facility to engineer a board shakeup upon his return. Three board members, JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler, had been ousted to make room for McMahon and two different board members, Michelle Wilson and George Barrios.

Vince McMahon has been among the many most recognizable faces at WWE for many years.

When he bought what was then the World Wrestling Federation from his father in 1982, wrestling matches occurred at small venues and appeared on native cable channels.

WWE matches at the moment are held in skilled sports activities stadiums and the corporate has a sizeable abroad following.

The group underwent a seismic transformation underneath McMahon with occasions like WrestleMania, a premium stay manufacturing that pulls tens of millions of fervent viewers.

Revenue in 2021 exceeded $1 billion for the primary time and the corporate has tv offers with Fox and NBCUniversal. It introduced a multi-year enlargement of its authentic programming partnership with A&E in May 2022.

WWE stars have develop into crossover sensations, together with Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.