World Wrestling Entertainment confirmed on Friday that former CEO and majority shareholder Vince McMahon will be reinstated to the company’s board.

The company’s shares soared 20% on the news of McMahon’s return.

“Today we announce that WWE founder Vince McMahon will be returning to the Board,” WWE executives said in a Friday press release.

The board’s confirmation follows McMahon’s own announcement on Thursday that he intended to rejoin as chief executive and launch an effort to sell the company. He also said that he would bring back former co-chairs Michelle Wilson and George Barrios as board directors.

Three current board members, JoEllen Lyons Dillon, Jeffrey Speed, and Alan M. Wexler, have been removed from their positions. Two additional directors, Ignace Lahoud and Man Jit Singh, resigned from the board effective Friday.

McMahon initially resigned as CEO after an investigation found he had paid four women nearly $15 million over 16 years to silence allegations of sexual misconduct.

Even during his leave, McMahon maintained control of the company as the majority shareholder. In a November regulatory filing, WWE said: “Mr. McMahon can effectively exercise control over our affairs.»

McMahon saw the need to return to his board seat as the company faces media rights negotiations and strategic initiatives moving forward, according to The Wall Street Journal. WWE has recently been seen as a target for acquisition.

Analysts at MKM Partners, which has a Buy rating on the shares, said in a note Friday that «an immediate exploration of a WWE sale makes a lot of sense.»

WWE confirmed Friday that it would review «strategic alternatives,» but said, «There is no guarantee that this process will result in a transaction.»

The company’s shares have risen 75% in the past 12 months. The stock is trading with a market capitalization of more than $6 billion.