Former WWE chief Vince McMahon plans return as executive chairman

Former WWE chief Vince McMahon plans return as executive chairman
© Reuters. World Wrestling Entertainment chairman Vince McMahon looks out at the crowd during a segment of NBC’s “Today” show in New York, U.S., April 2, 2007. REUTERS/Brendan McDermid/File Photo

(Reuters) – Vince McMahon, the former chief of World Wrestling (NYSE:WWE) Entertainment, plans to return to the company that he transformed from a regional player in a highly fragmented industry of the 1980s to a global giant, he said in a statement on Thursday.

Shares of the entertainment firm rose about 11% in trading after the bell.

McMahon said that he expects to assume the role of executive chairman at WWE, to involve himself in the company’s media rights negotiation process and review of strategic alternatives.

McMahon, who has majority voting power in the company, has informed WWE that he is electing himself and two former co-presidents and directors Michelle Wilson and George Barrios to the board.

The former executive, who ran the company for four decades, said that the only way for WWE to fully capitalize on growing demand for content and live entertainment was for him to return as executive chairman.

McMahon retired in July last year as the company’s CEO and chairman, following an investigation into his alleged misconduct.

Source: Reuters