Vince McMahon returns to WWE after misconduct investigation

WWE said Friday that Vince McMahon, the founder and majority shareholder of WWE, would return as executive chairman.

Vince McMahon is rejoining the board of WWE several months after he retired from the sports entertainment company during an investigation into alleged misconduct.

WWE said Friday that McMahon, the founder and majority shareholder of WWE, would return as executive chairman. It also announced a board shakeup.

Shares surged more than 22 per cent.

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 US$12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.

The Stamford, Connecticut, company said Friday that it would be looking at “all strategic alternatives to maximize shareholder value.”

There have been rumors that WWE may be interested in selling the organization to another entertainment company.

McMahon appeared to address that possibility in a letter to the board, dated Dec. 20, but published Friday.