Vince McMahon’s retirement rattled the wrestling world after former chairman and CEO of WWE announced his departure. His retirement happened to come after it was revealed that McMahon had paid millions of dollars in hush money to several former female employees to keep them quiet about his sexual misconduct. McMahon’s girl Stephanie & President Nick Khan took over his positions, leaving the company without a replacement until now.
The Securities and Exchange Commission announced in a report that WWE’s new President is Chief Financial Officer and Chief Administrative Officer Frank A. Riddick. Furthermore, Riddick’s annual base salary has been increased from $850,000 to $950,000, with a 125% annual target bonus opportunity. In addition, he is entitled to a $2.4 million annual equity grant.
This should be acknowledged that Riddick will continue to serve as CFO as well as President. The report also indicated that Vince is still a stockholder and trying to control interest in the company, but that his duties as an executive officer have been completed. Riddick was appointed CFO in November 2021, succeeding Kristina Salen, who recently resigned following that year’s Third Quarter Earnings Call. Riddick was originally called interim CFO in 2020 after prior co-presidents, Michelle Wilson & George Barrios, resigned. He has also served on the company’s Board of Directors for more than 14 years.
Netflix documentary series
There is an update on the planned Netflix documentary series about former WWE CEO & Chairman Vince McMahon’s life. According to this week’s Wrestling Observer Newsletter, while the Netflix docuseries on McMahon was initially said to be cancelled, the project is still in the works. WWE appears to be cooperating with production, as director and executive producer Chris Smith is attached.
Last month, it was noted that the documentary series had already been excluded from Netflix’s programming spreadsheet. In 2020, WWE declared the project. It’s said to show a different side of McMahon that fans haven’t seen before. At least just one documentary about McMahon is currently in the works, and a book will be published next year. The news that Netflix had pulled the docuseries came after it was revealed in mid-June that McMahon was being studied by the company’s Board of Directors for spending a former paralegal $3 billion dollars in hush money to pay for up their affair.
It was later revealed that McMahon had also paid hush money to four other women totaling $12 million. McMahon stepped away from most of his day-to-day obligations with WWE before formally announcing his departure late last month due to mounting allegations of inappropriate spending. Stephanie McMahon & company president Nick Khan took over as co-CEOs of WWE, while Stephanie’s hubby, Triple H, took over McMahon’s creative obligations and it was given the name Executive Vice President of Talent Relations.