New WWE CFO Receives $850,000 Base Salary, $1 Million Cash Signing Bonus And $5 Million In Stock
WWE’s new Chief Financial & Administrative Officer’s salary has been revealed.
On November 5, WWE announced that Frank A. Riddick III would be taking over as the new Chief Financial & Administrative Officer of the company. He is replacing Kristina Salen, who had filled the role since July 2020 and was part of the third quarter financials call on Thursday.
With Riddick’s employment agreement filed publically, the details of his deal are now available. Here is the section which outlines the financial terms, including his base salary and signing bonuses.
On November 5, 2021, World Wrestling Entertainment, Inc. (the “Company”) issued a press release announcing the departure of Kristina Salen, the Company’s Chief Financial Officer, from the Company effective that day. In addition, the Company announced that Frank A. Riddick III has been appointed to serve as the Company’s Chief Financial Officer and Chief Administrative Officer, also effective November 5, 2021. On the same date, Mr. Riddick resigned from the Company’s board of directors. Biographical and other information regarding Mr. Riddick, including his acting as Interim Chief Financial Officer of the Company during a portion of 2020, is included in the Company’s proxy statement for its 2021 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 13, 2021 (the “Proxy Statement”), which is incorporated herein by reference.
Mr. Riddick entered into an employment agreement with the Company (the “Employment Agreement”), pursuant to which he agreed to serve as the Chief Financial Officer of the Company, effective November 5, 2021. The Employment Agreement provides that Mr. Riddick will receive an annual base salary of $850,000 and a one-time $1.0 million cash sign-on bonus payment, which is subject to certain repayment requirements. In addition, Mr. Riddick will be eligible to earn an annual discretionary performance cash bonus award with a target bonus thereunder of 70% of his base salary. Mr. Riddick also will be eligible to receive equity awards subject to and governed by the terms of the Company’s 2016 Omnibus Incentive Plan (the “Incentive Plan”). His initial annual target incentive award will be in a target amount equal to 100% of his base salary. In connection with the appointment, Mr. Riddick received a sign-on inducement grant of restricted stock units valued at $5.0 million, which are subject to and governed by the terms of the Incentive Plan and the applicable award agreement, which provide for claw-back and recovery of vested amounts in certain circumstances. The restricted stock units will vest in equal installments over four years beginning on June 30, 2022. Mr. Riddick also will be eligible to participate in future equity award programs and other compensation and benefits plans and programs available to similarly situated executives.
Brandon Thurston of Wrestlenomics broke down the document, tweeting out the following:
Kristina Salen, who Riddick replaces, was paid an annual base salary of $730,000, according to her disclosed July 2020 offer letter. She received $500,000 in stock (1/10 of what Riddick is getting). She didn’t appear to get any cash sign-on bonus. https://t.co/ykcH5FxyBR
— Brandon Thurston (@BrandonThurston) November 5, 2021
Riddick’s signature on the agreement is dated November 3, which indicates the CFO transition was decided on since at least Wednesday.
— Brandon Thurston (@BrandonThurston) November 5, 2021
Riddick has been on the WWE Board of Directors for over 13 years and was named interim CFO in 2020.
You can find notes from the WWE third quarter 2021 financial call by clicking here.
