New WWE Chief Financial Officer and Chief Administrative Officer Frank A. Riddick III will receive a base salary of $850,000 with a signing bonus of $1 million.
As noted, WWE announced on Friday morning that Kristina Salen out as CFO, just hours after she participated in the WWE Q3 2021 earnings call. She has been replaced by Riddick, who served as the interim CFO before Salen joined the company in August 2020, after former WWE Co-Presidents Michelle Wilson and George Barrios were let go. Riddick is also a longtime member of the WWE Board of Directors. You can click here for the full announcement on Salen and Riddick, with statements from both, and WWE Chairman & CEO Vince McMahon. You can also click here for a new report on Salen’s departure and how she was seen within the company.
In an update, a new WWE SEC filing reveals details on Riddick’s employment agreement with the company. It shows that Riddick is receiving an annual base salary of $850,000, plus the one-time $1 million cash sign-on bonus.
The filing also reveals that Riddick is relocating from his current home in South Carolina to New York or Connecticut as he is required to work out of WWE HQ in Stamford, CT. The employment agreement details Riddick’s relocation benefits, and how WWE will provide him with up to 12 months of temporary housing and rental of a vehicle, plus reimbursement of costs related to shipping household goods from South Carolina to New York or Connecticut.
Riddick will also be eligible to receive an annual discretionary performance cash bonus award, equity awards, and his annual target incentive award will be equal to 100% of his base salary. This is all standard with WWE’s Incentive Plan. Riddick will also receive a sign-on inducement grant of stock units valued at $5 million. The restricted stock units will vest in equal installments over four years beginning on June 30 of next year. Riddick is also eligible to participate in future equity award programs, other compensation and benefits plans, and any programs available to other executives.
The agreement includes additional standard benefits such as medical, dental, life and disability, enrollment in the company 401k program, 4 weeks of paid vacation and 3 weeks of paid personal days, the pay or reimbursement of travel expenses while traveling between South Carolina and New York or Connecticut, business class air travel expenses, and more.
The full SEC filing includes details on Riddick’s severance pay, how he will have to reimburse part of his bonus if he leaves without good reason or is terminated within the first 36 months, and more. You can find the full filing on the WWE Corporate website at this link.
Stay tuned for more.