WWE has revealed another change to its Board of Directors.
In an SEC (Securities and Exchange Commission) filing on Friday, WWE announced that Barstool Sports CEO Erika Nardini has resigned from the WWE Board of Directors. The filing also officially announced that Michelle McKenna and JoEllen Lyons Dillon have been elected to the Board.
“Concurrent with the election of Mses. Dillion and McKenna, Erika Ayers Nardini has resigned from the Board,” the filing said. “With the recent acquisition of Barstool Sports by Penn Entertainment, Ms. Ayers Nardini’s time will be focused on the next chapter of this business and partnership. Ms. Ayers Nardini’s decision to resign from the Board was not due to any dispute or disagreement with [WWE], its management or any matter relating to [WWE’s] operations, policies or practices.”
Nardini had been a member of the WWE Board of Directors since October 2020.
McKenna has worked for Disney, Universal Studios, and the NFL and also currently serves on the Board of Directors for Ring Central.
Dillon “has 30 years of combined public company experience in global business, M&A and legal” and currently serves on the Board of Directors for Viatris.
The WWE Board of Directors is led by Stephanie McMahon, who became chairwoman after her father Vince McMahon retired from WWE this July amid a sexual misconduct scandal. The 11 current members of the Board of Directors are:
In an SEC filing announcing Michelle McKenna and JoEllen Lyons Dillon election to the Board of Directors, WWE also revealed that Barstool Sports CEO Erika Nardini has resigned from the Board.
The filing said:
“Concurrent with the election of Mses. Dillion and McKenna, Erika Ayers Nardini has resigned from the Board. With the recent acquisition of Barstool Sports by Penn Entertainment, Ms. Ayers Nardini’s time will be focused on the next chapter of this business and partnership. Ms. Ayers Nardini’s decision to resign from the Board was not due to any dispute or disagreement with the Company, its management or any matter relating to the Company’s operations, policies or practices.”
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The WWE Board of Directors has a couple of new members.
WWE issued a press release on Friday announcing that Michelle McKenna and JoEllen Lyons Dillon have been named to the company’s Board of Directors. The Board of Directors now consists of 11 members.
McKenna has experience working for Disney, Universal Studios, and the NFL. McKenna also currently serves on the Board of Directors for Ring Central.
Dillon “has 30 years of combined public company experience in global business, M&A and legal.” She currently serves on the Board of Directors for Viatris.
WWE wrote about McKenna and Dillon:
McKenna spent more than two decades as a senior leader at Disney, Universal Studios and the NFL, working across technology, digital strategy and finance. From 2012 to 2022, McKenna served as Chief Information Officer for the NFL, where she was responsible for the league’s technology strategy and served as the executive sponsor of the Women’s Interactive Group. She serves on the Board of Directors of Ring Central, where she is a member of the audit, compensation and nominating & governance committees. McKenna previously served on the Board of Directors of Insperity from 2015 to 2018.
Dillon has 30 years of combined public company experience in global business, M&A and legal. Dillon has served on the Viatris Board of Directors since November 2020, when Pfizer’s Upjohn division combined with Mylan to form Viatris, a global healthcare and pharmaceutical company. She is a member of the Viatris Board’s executive, audit and compliance committees, and is chair of its governance & nominating committee. She previously served on the Board of Mylan from 2014 to 2020.
From 2013 to 2017, Dillon was an executive officer in various roles including Executive Vice President, Chief Legal Officer and Corporate Secretary of The ExOne Company, a global provider of 3D printing machines and services. Prior to her Board and executive roles, Dillon spent nearly 25 years practicing law with an extensive background in M&A and securities for public and private companies in a variety of complex matters.
Stephanie McMahon was named WWE’s new chairwoman following the retirement of her father Vince McMahon this July. At the time of Vince’s retirement, the Board of Directors was investigating Vince’s sexual misconduct scandal.
Friday’s press release included a quote from Stephanie about McKenna and Dillon joining the Board of Directors.
“Michelle and JoEllen bring to WWE’s Board of Directors incredible experience across key areas that we believe will benefit our organization,” Stephanie said.
Vince McMahon departed the Board of Directors when he retired from WWE. Former ESPN executive Connor Schell also resigned from the WWE Board of Directors in July. Schell resigned “due to an increased slate of responsibilities resulting from his new, expanded role at the newly formed The North Road Company, a global, multi-genre content studio.”
The current members of the WWE Board of Directors are:
Stephanie McMahon
Nick Khan
Paul “Triple H” Levesque
Steve Koonin (Chief Executive Officer, Atlanta Hawks & State Farm Arena)
Ignace Lahoud (Chief Executive Officer of Majid Al Futtaim – Leisure, Entertainment & Cinemas)
Steve Pamon (President, Verzuz)
Man Jit Singh (Former President of Home Entertainment, Sony Pictures Entertainment)
Jeffrey R. Speed (Former Executive Vice President and Chief Financial Officer, Six Flags, Inc.)
Alan M. Wexler (Senior Vice President of Innovations and Growth, General Motors)
A WWE Board of Directors member has resigned from their position.
In an SEC filing on Wednesday, it was revealed that Connor Schell has resigned from WWE’s Board of Directors. Schell had been part of the WWE Board since April 2021.
Schell was formerly an ESPN executive, holding the titles of executive vice president and head of content.
The SEC filing states that Schell’s decision to resign from the WWE Board of Directors was due to “an increased slate of responsibilities resulting from his new, expanded role at the newly formed The North Road Company, a global, multi-genre content studio.”
On July 6, 2022, Connor Schell resigned from the Board of Directors (the ‘Board’) of World Wrestling Entertainment, Inc. (the ‘Company’), effective immediately. Mr. Schell resigned from the Board due to an increased slate of responsibilities resulting from his new, expanded role at the newly formed The North Road Company, a global, multi-genre content studio. Mr. Schell’s decision to resign from the Board was not due to any dispute or disagreement with the Company, its management or the Board on any matter relating to the Company’s operations, policies or practices.
A Wall Street Journal story on 6/15 noted that the WWE Board of Directors was investigating accusations of payoffs made by Vince McMahon to multiple women that he and Talent Relations head John Laurinaitis had affairs with to keep them quiet.
The start of this investigation into the story began on 3/30 when board members were sent an email that alleged that McMahon had agreed to pay $3 million to a 41-year-old woman who worked as a paralegal, and later as an assistant to Laurinaitis.
The email was anonymous and stated to be from a friend of the woman. While the payoff itself is notable, it apparently came from McMahon’s personal funds and not from the company, which is a key distinction. But what could be the more dangerous revelation is that the article and the letter said that McMahon hired the woman at $100,000 per year in 2019, and then increased that figure to $200,000 after he began having a sexual relationship with her. If that was true, that is company funds and a gigantic impropriety. If her raise can be tied to her affair, Vince McMahon’s future could be in jeopardy.
