WWE CFO & President Frank A. Riddick III is leaving the company just one day after Endeavor merged WWE and UFC to form TKO Group.
A new report from Fightful Select notes that WWE President Nick Khan issued an internal memo this morning to announce Riddick’s departure to employees. The memo reads like this:
“After over thirteen years on our Board of Directors and almost two years after joining WWE full time as our CFO and serving as President/CFO, Frank Riddick will be leaving WWE post the TKO close at the end of this month.
Frank is a highly respected colleague, and it has been a pleasure to work alongside him. We are grateful for his counsel, support and dedicated years of service and wish him only continued success moving forward.
Nick Khan”
As noted, Riddick received a bonus of $5 million when the deal for TKO closed.
There’s no word yet on if Riddick’s departure has to do with budget cuts. It was reiterated on Tuesday that Endeavor will be looking to cut WWE’s costs from $50 million to $100 million. Endeavor previously cut $70 million from UFC’s costs in the first 18 months of ownership.
Riddick had already served on the WWE Board of Directors for more than 13 years and previously held the role of interim CFO in 2020 when it was announced in November 2021 that he was promoted to CFO & CAO.
Before WWE, Riddick served as CEO for FloWorks International, LLC, JMC Steel Group, Formica Corporation, and Triangle Pacific Corp., and President/COO of Armstrong World Industries, Inc. He has also served in executive management positions, including Chief Financial Officer, Controller, Treasurer, and Vice President of Mergers and Acquisitions during a career that spans 40 years.
This news comes just one day after the announcement of the merger between WWE and UFC to form TKO Group. The merger has been a major talking point in the world of professional wrestling and MMA, with fans and experts speculating about the potential impact on both industries.
Frank Riddick’s departure from WWE raises questions about the future direction of the company. As the CFO and President, Riddick played a crucial role in the financial management and strategic decision-making of WWE. His departure comes at a time when Endeavor, the parent company of UFC, is looking to cut costs.
It remains to be seen how Riddick’s departure will affect WWE’s financial outlook and operations. With Endeavor aiming to reduce WWE’s costs, it is possible that Riddick’s exit is part of a broader cost-cutting strategy. However, no official statement has been made regarding the reasons behind his departure.
WWE President Nick Khan’s internal memo to employees expresses gratitude for Riddick’s years of service and wishes him continued success in the future. The memo highlights Riddick’s contributions as a highly respected colleague and acknowledges his role as a key member of the WWE Board of Directors.
As fans and industry insiders await further developments, it is clear that Riddick’s departure marks a significant change in the leadership of WWE. The company will need to adapt to this transition and ensure a smooth continuation of its operations.
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Source: <a href="https://fightful.com/wrestling/frank-riddick-leaving-wwe-after-merger" target