Vince McMahon wanted to return back to WWE, he previously tried to return back but it was reportedly stopped by WWE’s Board of Directors. So he had no other way then to use his power as majority stake holder of WWE. Vince McMahon within couple of days he was reinstated as WWE Board of Directors and then he was elected unanimously as Executive Chairman of WWE.
Bloomberglaw.com is reporting is that WWE Shareholder Scott Fellows is filling a lawsuit on Vince McMahon for wielding his 81% voting rights to oust three board members and “adding his cronies to the board” the lawsuit was filled in Chancery Court of Delaware on January 10th 2023.
Excerpt from the lawsuit
“Following an investigation into allegations of sexual harassment against McMahon, the Board unanimously determined it was not in the best interests of the Company and its stockholders for McMahon to return to WWE. Nonetheless, McMahon executed the Written Consent to remove certain directors who opposed him and add himself and two cronies to the Board. The Stockholder Approval Amendment went further and usurped the power of the Board to manage the affairs of the Company. It even prohibits the Board and officers from advocating for transactions McMahon may oppose even if they believe those transactions are in the best interests of the Company and its stockholders. As such, McMahon violated his fiduciary duties by executing the Written Consent. Plaintiff is entitled to a declaration that the Stockholder Approval Amendment is void and invalid. Plaintiff has no adequate remedy at law.”
A spokesperson for McMahon and WWE didn’t immediately respond to a request for comment Wednesday.