In late 1998, Ric Flair had become temporary President of World Championship Wrestling by defeating Eric Bischoff. The title became permanent a few months later after Flair -- with help from "Lil' Naitch" Charles Robinson -- beat Hulk Hogan.
So Flair was President but beyond that, he was a crazy President.
He was stripping down to his boxers inside the ring, he was firing people left and right and he even got sent to a mental hospital where he met the lovely Head Nurse, later to be known as Asya, a mountain of a woman who was previously a bodybuilder. Chyna? Asya? Get it?!
Anyway, in comes Roddy Piper who tells Flair he's completely bonkers and the two have a two for control of the company at Slamboree 1999, which Piper wins thanks to some shenanigans on Bischoff's part which don't really make a whole lot of sense.
Regardless, Flair beat "Hot Rod" the following month -- after some interference from Buff Bagwell -- to regain control so it was all a wash anyway. Piper and Bagwell then feuded. Yes, they really did.