Yesterday, Endeavor officially formed TKO Group Holdings at the New York Stock Exchange in New York City.
PWInsider reported that WWE President Nick Khan sent an email to employees that Frank A. Riddick will leave the company later this month. Riddick is the Chief Financial Officer and Chief Administrative Officer of WWE. He has overseen financial planning, analysis, strategy, controllership, investor relations, tax, data analytics, technology, event travel, and facilities before the Endeavor acquisition.
Frank A. Riddick was a member of the WWE board for over 13 years. However, Riddick wasn’t included in the TKO board but received a post-acquisition bonus of $5 million.
Months ago, Nick Khan stated in an interview that they are planning to save $50 million by laying off employees. Therefore, a lot of employees will have to leave WWE in the coming weeks.
Stay tuned with The Spotlight for more news.