First Major WWE Departure After TKO Merger Unveiled

WWE and UFC are now one company under the TKO Holdings Group banner. Some departures and firings were expected after this big business deal went down, and now we have our first departure.

The Endeavor deal, which resulted in the creation of the WWE and UFC merger company TKO, was officially confirmed yesterday, September 12th. TKO stock closed at very high level, at above $103.

Following the merger, both companies now operate under the TKO banner, and this agreement has led to several top executives receiving payments. Those bonuses were quite massive as well.

Sean Sapp reported that WWE president Nick Khan sent a memo to employees, announcing the departure of WWE’s Chief Financial Officer and Chief Administrative Officer, Frank Riddick. Riddick will be leaving the company at the end of the month. The memo praised Frank Riddick’s contributions to WWE, but it also announced his departure.

“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”

Before the TKO merger, Frank Riddick was responsible for various aspects, including financial planning and analysis, strategy, controllership, investor relations, tax, data analytics, technology, event travel, and facilities. He was also a voice on WWE’s quarterly investor calls.

Riddick received a $5 million post-acquisition bonus after the completion of the Endeavor deal yesterday. His exit was sudden, but at least he won’t be broke.

What’s your take on this surprising WWE exit? Sound off in the comments to let us know what you think!