: WWE stock soars as company discloses board changes, plans for strategic review
WWE WWE announced Friday that it was undergoing an exploration of strategic alternatives as founder Vince McMahon returns to the board of directors. McMahon, the controlling shareholder, removed three board members—JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler—from their roles, while two others resigned. He added George Barrios and Michelle Wilson, two former executives, to the board, along with himself. The goal of the review is to “maximize value for all WWE shareholders,” per the release, though the company noted that there is “no assurance that this process will result in a transaction.” The Wall Street Journal reported Thursday that McMahon was planning to come back and sell the company, and McMahon confirmed his interest in seeking “strategic alternatives” in his own release late Thursday. The stock was ahead nearly 18% in Friday morning trading.
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