Frank Riddick Is Eligible For Severance Compensation & Benefits After WWE Exit

WWE saw a lot of firings today, but it was all kicked off with Frank Riddick’s departure. That was a bit of a surprise, but it seems Riddick won’t be hard up for cash any time soon.

Frank Riddick received $5 million as a bonus when the TKO Holdings Group merger finalized. Then it was announced that he would be leaving the company. It seems that he could be in for even more paydays.

WWE filed paperwork with the SEC about Frank Riddick’s departure. In that filing, it was noted Riddick is eligible for a severance and benefits as part of his departure.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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As previously reported, on September 12, 2023 (the “Closing Date”), the principal financial officer of World Wrestling Entertainment, Inc. (n/k/a World Wresting Entertainment, LLC) (the “Company”), Frank A. Riddick III, ceased to be an officer of the Company in connection with the consummation of the transactions contemplated by the Transaction Agreement, dated as of April 2, 2023, by and among the Company, Endeavor Group Holdings, Inc., Endeavor Operating Company, LLC, TKO Operating Company, LLC, TKO Group Holdings, Inc. and Whale Merger Sub Inc. Mr. Riddick and the Company agreed that Mr. Riddick’s last day of employment with the Company will be September 29, 2023. In connection with his separation from the Company, Mr. Riddick will be eligible to receive the severance compensation and benefits set forth in his amended and restated employment agreement with the Company relating to a qualifying termination following a change in control of the Company and full vesting and payment of his sale bonus, each as described in the Company’s Information Statement / Prospectus dated August 22, 2023.

We will have to see what Frank Riddick does next, but he will be fine. There is nothing to worry about where that executive is concerned, because he will have more money coming in, it seems.

Ringside News previously reported that Jamie Horowitz has been released from WWE. He previously held the role of Executive Vice President of Development and Digital. WWE also fired Head of Marketing, Catherine Newman, from her position today. Amanda Bloom also joined that list of firings later on. Now we have another name to add.

Keep checking back with us here at Ringside News for more on WWE’s merger, and all the decisions they are making in the business world. As always, let us know how you feel about this in the space below!