According to The Wrestling Observer Newsletter, WWE Chairman Vince McMahon & Bruce Prichard actually agreed to some sort of deal back in January and Prichard has been serving as a “consultant” since then. The recent signing was for him to officially move into a position that some describe as McMahon’s “right-hand man.”
Vince & Prichard had discussions at The Elimination Chamber PPV Event with the topic around coming back full-time and they negotiated all week, before finalizing the agreement during a meeting on February 22nd. He started in his new full-time position this past week on RAW in Atlanta.