With WWE and UFC’s mammoth merger finalized, the WWE Universe, in particular, can’t wait to see how their beloved company ushers into the new era. While changes in stakeholder shares, board members, and promotions are inevitable, it seems like one major change has already taken place within WWE parameters.

In a significant update, a longtime board member and WWE executive is departing from the company after almost 15 years.

Merger coincides with a massive departure of long-term executive

WWE merged with the UFC as they look to expand their revenue through accessing opportunities in the combat sports realm.

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As part of the merger, several WWE executives, including Triple H and Nick Khan were given massive payouts. With as much as $5 million in his pocket post the merger, one WWE executive, who was serving as the promotion’s Chief Financial Officer, has decided to walk.

According to Sean Ross Sapp of Fightful.com, Frank Riddick is all set to leave the business by the end of September. Nick Khan also confirmed this news by sending a memo on September 13 to those involved in the company. Interestingly, after serving the organization for over 15 years, Riddick’s exit marks the first departure after the merger.

Riddick’s role at WWE was not forward-facing. He handled the promotion’s financial planning, analysis, and strategy. Now, it’s unknown whether his exit has anything to do with the budget cuts that WWE might be undergoing. But, his departure is a direct result of the merger going through. According to sources, Riddick’s last date at the company will be September 29.

Riddick joined over 15 years ago, working as a board member for the promotion, before serving as an interim CFO in 2020. Former Etsy CFO Kristin Salen replaced him briefly from 2020 to 2021, where she served as the promotion’s full-time CFO. However, this change was short-lived as Riddick returned to the position, proceeding to serve as CFO proper until now.

There has been no reason given for Riddick’s departure from the company. However, it could be that Riddick decided to leave the company with several budget cuts coming its way. This isn’t too surprising, since a series of layoffs are already underway at the promotion.

Massive changes looming on the horizon for WWE?

The merger has set the boundary with Endeavour holding 51% of the shares, while WWE holds 49%. Besides this, Vince McMahon leads the TKO Board of Directors as Executive Chairman, while Triple H will continue to act as Head of Creative for WWE.

Also Read: After $21.4B WWE-UFC Merger, WWE CEO Nick Khan Hits Massive Payday Surpassing Creative Genius Triple H

Moreover, changes in the network could also be brewing for WWE. As WWE’s deal with NBC and Fox is coming to an end, the belief is that the company’s demand after the takeover has increased, much more than what the deal could offer. So a change in streaming rights can’t also be ruled out. As for Riddick, his bonuses are similar to what Triple H received as well as part of the merger completion, with each executive receiving substantial bonuses.

Despite all of this, Endeavor has still decided to cut down WWE’s costs. Khan had mentioned that budget cuts would be underway, and he has remained true to his word. While the layoffs are just one part of it, Endeavour CEO Ari Emanuel also mentioned that the company was looking to cut as much as $50 to $100 million, similar to what they did when they initially acquired the UFC.

Interestingly, Riddick’s promotion to interim CFO was thanks to WWE’s last slew of budget cuts in 2020, resulting in the layoffs of co-presidents George Barrios and Michelle Wilson. Maybe the seasoned executive saw that his time at the promotion was coming to an end.

What do you think about Frank Riddick’s exit from WWE just a day after the merger?

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