The Los Angeles Times is reporting that Ignace Lahoud discussed resigning from WWE’s Board of Directors following Vince McMahon’s return to WWE earlier this year.
Both Lahoud and Man Jit Singh resigned following McMahon’s return to WWE’s Board of Directors earlier in January.
McMahon retired in July 2022 after being accused of sexual misconduct and paying hush money.
The Board of Directors launched an investigation, while Stephanie McMahon and Nick Khan took over as co-CEOs.
By October 2022, WWE had disclosed $19.6 million in unrecorded payments McMahon made to settle sexual misconduct claims between 2006 and 2022.
McMahon returned six months later in January 2023 as the controlling shareholder and announced he was looking to sell the company potentially.
The WWE Board stated that McMahon’s return “would not be prudent” during the investigation. Still, the 78-year-old billionaire exercised his majority voting power to remove certain board members, namely, JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler.
McMahon then sold his company to Endeavor Group and WWE merged with UFC to form TKO Group Holdings.
Lahoud said of his own exit,
“It wasn’t aligned with my way of seeing what governance is. There was a misalignment with what my values are.”
A source close to a removed board member noted,
“He’s the kind of person who expects loyalty.”
It was noted that even though the Board was doing its job by investigating McMahon, the billionaire saw it as an act of betrayal.
Another source stated the following last year,
“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.“
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Vince McMahon’s Return to WWE Board of Directors Leads to Resignations and Controversy
In a surprising turn of events, Ignace Lahoud, a member of WWE’s Board of Directors, has discussed his resignation following the return of Vince McMahon earlier this year. This news comes after McMahon retired in July 2022 amidst allegations of sexual misconduct and hush money payments. The Los Angeles Times reported that both Lahoud and Man Jit Singh resigned from the board following McMahon’s comeback.
The allegations against McMahon prompted the Board of Directors to launch an investigation into the matter. During this time, Stephanie McMahon and Nick Khan took over as co-CEOs of the company. By October 2022, it was revealed that McMahon had made unrecorded payments totaling $19.6 million to settle sexual misconduct claims between 2006 and 2022.
Despite the ongoing investigation, McMahon returned to WWE in January 2023 as the controlling shareholder. He also announced his intention to potentially sell the company. The WWE Board expressed concerns about McMahon’s return during the investigation, stating that it would not be prudent. However, using his majority voting power, the 78-year-old billionaire removed certain board members, including JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler.
Following these events, McMahon sold his company to Endeavor Group, leading to a merger between WWE and UFC to form TKO Group Holdings. Ignace Lahoud cited a misalignment with his values and governance principles as the reason for his resignation. A source close to another removed board member noted that McMahon expected loyalty and viewed the investigation as an act of betrayal.
It is worth noting that McMahon initially claimed he would not stand in the way of the board’s investigation. However, when they suggested he step down, he reluctantly complied. This series of events has sparked controversy within the WWE community and raised questions about the company’s governance and leadership.
For the latest updates on wrestling news, fans can visit eWrestlingNews.com or follow the website’s Twitter and Facebook pages. As the situation continues to unfold, it remains to be seen how McMahon’s return and the subsequent resignations will impact WWE’s future direction and reputation.