Frank Riddick replacing Kristina Salen as WWE chief financial officer

[Chris]

Source: f4wonline.com

WWE has announced a change to its leadership team.

It was announced on Friday that Frank A. Riddick III has been named WWE's new chief financial officer and chief administrative officer, replacing the departing Kristina Salen as CFO. Riddick has been a member of the WWE board of directors for more than 13 years and previously served as the company's interim CFO in 2020.

Riddick held the interim position after George Barrios and Michelle Wilson were let go from WWE and before Salen was hired.
Riddick "will oversee financial planning & analysis, strategy, controllership, investor relations, tax, data analytics, technology, event travel and facilities."

"I’ve had the great fortune of working with Vince McMahon and the talented people at WWE for over a decade and it’s an honor to join them on a full-time basis,” said Riddick.
“Working closely with Frank for many years, we have great confidence in his ability to execute our company’s strategy to increase revenues and drive shareholder value by engaging our global fanbase with phenomenal content,” said McMahon. “I want to thank Kristina for her contributions to WWE and wish her well in her future pursuits.”

Salen is departing WWE after having been named chief financial officer in July 2020. She took part in yesterday's investors call following the release of WWE's third quarter financial report.

“I started at WWE during the global pandemic and I am proud of what I accomplished with Vince's leadership and the tremendous team,” said Salen. “We returned to live event touring, exceeded expectations, raised guidance for the year, and have laid a strong foundation for the future. I look forward to WWE's continued success.”

WWE's full press release announcing the change is available below:

STAMFORD, Conn.-- (BUSINESS WIRE) -- WWE (NYSE: WWE) today announced that Frank A. Riddick III has been named Chief Financial Officer & Chief Administrative Officer, reporting to Chairman & CEO Vince McMahon. Riddick has served as a member of the WWE Board of Directors for more than 13 years and previously held the role of interim CFO in 2020. He succeeds Kristina Salen, who is departing the company as CFO.
'I’ve had the great fortune of working with Vince McMahon and the talented people at WWE for over a decade and it’s an honor to join them on a full-time basis,' said Riddick.
'Working closely with Frank for many years, we have great confidence in his ability to execute our company’s strategy to increase revenues and drive shareholder value by engaging our global fanbase with phenomenal content,' said Chairman & CEO Vince McMahon. 'I want to thank Kristina for her contributions to WWE and wish her well in her future pursuits.'
'I started at WWE during the global pandemic and I am proud of what I accomplished with Vince's leadership and the tremendous team,' said Salen. 'We returned to live event touring, exceeded expectations, raised guidance for the year, and have laid a strong foundation for the future. I look forward to WWE's continued success.'
As CFO & CAO, Riddick will oversee financial planning & analysis, strategy, controllership, investor relations, tax, data analytics, technology, event travel and facilities.
Riddick previously 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.

 

[Deezy]

The interim person did a better job than their replacement who didn't meet their projected numbers.

 

[Deezy]

Frank Riddick’s employment agreement has been publicly filed. While becoming full-time WWE CFO, he resigns from his role on the board of directors. He will get a $850,000 base salary, a $1 million cash sign-on bonus, and $5 million-worth of WWE stock.

WWE could be hotter if they hired me instead

 

[Chris]

The terms of former WWE Chief Financial Officer Kristina Salen's separation agreement were made public today.

In an SEC filing, WWE revealed that they had come to terms with Salen on November 23. Under the the deal, she will receive one year's salary and continue to receive health benefits for one year.

Salen's departure from the company was announced on November 5, just hours after she took part in an investors call. Salen was succeeded by WWE Board of Directors member and former interim CFO Frank Riddick.

Salen served as WWE's CFO from August 2020 to November 2021. Prior to her time with WWE, Salen had served as CFO for Etsy. Commenting on her departure back on November 5, Salen wrote on her LinkedIn page:

"Today I'm tagging out at WWE. I started at WWE in the midst of the global pandemic and I am proud of what I accomplished with Vince McMahon's leadership and the tremendous team. We returned to live event touring, exceeded expectations, raised guidance for 2021 and laid a strong foundation for the future. I look forward to WWE's continued success in and out of the ring!"
The text of WWE's SEC filing can be seen below.

"On November 23, 2021, World Wrestling Entertainment, Inc. (the “Company”) entered into a separation agreement with Kristina Salen, formerly the Company’s Chief Financial Officer, in connection with her previously announced departure from the Company (the “Separation Agreement”). Under the terms of the Separation Agreement, Ms. Salen will receive a continuation of base salary and health insurance coverage for a period of twelve months.

She will be paid cash in the amount of $413,000 for certain forfeited restricted stock units and will be eligible for a payment in respect of her incentive bonus for 2021 to be determined by the Compensation Committee of the Company’s Board of Directors and currently estimated at $431,200, in each case payable on or before March 31, 2022.

All payments are subject to applicable employment or tax withholdings and deductions. The Separation Agreement contains other standard provisions, including maintaining Ms. Salen’s intellectual property, confidentiality and non-solicitation obligations. The Separation Agreement is terminable by Ms. Salen until November 26, 2021."