STAMFORD, Ct. (AP) – Vince McMahon is rejoining the board of WWE several months after he retired from the sports entertainment company during an investigation into alleged misconduct.
Shares surged more than 22% Friday.
WWE said Friday that McMahon, the founder and majority shareholder of WWE, would return as executive chairman.
It also announced a board shakeup.
McMahon retired as WWE’s chairman and CEO in July.
He had stepped down temporarily from the posts a month earlier.
The Wall Street Journal reported over the summer that McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
The company said that it would be looking at “all strategic alternatives to maximize shareholder value.”