Vince McMahon retired as WWE CEO in July 2022 amid allegations of sexual misconduct and paid hush money. McMahon would step down from his duties, allowing Stephanie McMahon and Nick Khan to takeover in the interim. The WWE board launched an investigation into the allegations.
In January 2023, Vince McMahon returned to the board of directors as the controlling shareholder, stating that he was looking to explore strategic alternatives, which included a potential sale.
The board stated in a letter that his return “would not be prudent” amid ongoing government investigations, but Vince used his majority voting power to return and oust board members JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler
Ignace Lahoud and Man Jit Singh resigned from the board.
Speaking to the LA Times, Lahoud said, “It wasn’t aligned with my way of seeing what governance is. There was a misalignment with what my values are.”
Someone close to one of the ousted board members said, "He’s the kind of person who expects loyalty,” adding that McMahon viewed its investigation as an act of disloyalty, even though the board was doing its job.
On the subject of Vince stepping down in July 2022, an individual close to the board stated, “He said, ‘OK, do whatever you guys need to do. I’m not going to stand in your way.’ Of course, when the board said, ‘Well, you know, we think you need to step down,’ he wasn’t happy about it, but he did it."
In August it was revealed that Vince was served with a subpoena and that federal law enforcement agents executed a search warrant. No charges were filed.
After the WWE and UFC merger became official on September 12, Nick Khan stated Vince's return had everything to do with a sale and wanting the best for shareholders, and not him staying on the board and remaining involved.
