Dixie Carter

Jeff Jarrett is still part owner of the company. Yes, I know Dixie Carter and PandaEnergyy own most of the stock, but if Jarrett still has stock, making him one of the owners. So how on earth can you remove someone from power is part owner?

just a story

Its quite a story.
But theoretically speaking, if it holds more shares in the company than he could do, as the majority owner.

The board of directors may actually force him to leave, regardless of whether it has shares or not

Because Panda Energy is the majority owner and therefore can do whatever they want. And they put Dixie Carter in charge of operating the company as chairman. Just because you own shares in a company does not mean you have the authority to make decisions concerning the operation thereof. Imagine what the WWE would be like if all minority shareholders have had any kind of power. Same thing for any society.