In the wake of Vince McMahon’s departure from the company, Triple H has been named WWE’s Chief Content Officer, and he will receive a salary increase along with three other high-level executives.
Paul “Triple H” Levesque, a WWE official and professional wrestler, has formally taken the title of chief content officer, and he has also received an increase in income, along with three other high-ranking company employees.
In addition, the company announced that it has elevated Frank Riddick, the company’s chief financial officer and current president, to the post of president, effective September 2. He will continue in his role as CFO. On Friday, WWE disclosed the information by filing it to the SEC.
The changes are a result of Vince McMahon’s resignation from his position as chairman and CEO of WWE on July 22. His departure came in the midst of an inquiry into claims of misbehavior that was being conducted by the board of administrators.
In the wake of Vince McMahon’s departure, the company promoted Stephanie McMahon, Mr. McMahon’s daughter and the company’s previous chief model officer, to the position of co-CEO alongside Nick Khan (beforehand president and chief income officer). The company had already made the announcement that Levesque, who had been serving as EVP of expertise relations, would be taking over administration of the creative staff. (Ms. McMahon and Levesque have been married for quite some time.) In the past, Mr. McMahon has served as the leader of the creative team that is responsible for coming up with new plots and characters for WWE’s programming.
According to the submission, the remuneration and human capital committee of WWE’s board “determined on August 31, 2022, that it is reasonable to grant certain upgrades to [their] salary” because of changes in the responsibilities of Levesque, Ms. McMahon, Khan, and Riddick.
Ms. McMahon’s yearly basic compensation increased from $730,000 to $1.35 million, and she will continue to receive funds in addition to the $750,000 guaranteed minimum under the terms of her reserving agreement. Levesque’s annual basic salary increased from $730,000 to $900,000, and he will also continue to receive monies including a $1.0 million guaranteed minimum under the terms of his booking agreement. Both Khan and Riddick saw increases in their annual salaries, with Khan’s going from $1.2 million to $1.35 million and Riddick’s going from $850,000 to $950,000.
WWE revealed new performance-based annual bonus targets for the executives, expressed as a share of base income: for Ms. McMahon and Khan, it is 160%; for Riddick, it is 125%; and for Levesque, it is 100%. Levesque is the only executive who will receive the whole base wage. They even have the opportunity to receive annual inventory grants beginning in 2023 with the following goal values: $3.57 million for Ms. McMahon and Khan; $2.4 million for Riddick; and $1.6 million for Levesque.
In addition, Ms. McMahon will be awarded a one-time special stock grant of $10 million, and Mr. Levesque will be awarded $8 million in a one-time stock grant around October 3, 2022. The stock grant will be subject to a three-year vesting period, which is dependent on the achievement of particular performance metrics. According to the document that was submitted on Friday, WWE additionally included new severance-payment terms in the contracts of the four executives in the event that there was a change in command of the company.
Mr. McMahon maintains his position as an investor in WWE and retains his controlling interest in the company. On August 16, WWE announced that the board’s investigation into his alleged misbehavior was “considerably full,” and the company restated earnings going back as far as 2019 to account for private money that Mr. McMahon made during his time with the company. This includes Mr. McMahon’s alleged payment of 14.6 million dollars to women to ensure that they would not speak about his extramarital affairs or other inappropriate behavior.
In the most recent month, WWE revealed that it had subsequently recognized $5 million in additional funds that Mr. McMahon made in 2007 and 2009, which were unrelated to the misconduct allegations and which the company mentioned ought to have been reported on its financial statements. WWE made this revelation in the most recent month. According to a revelation in the Wall Street Journal, the five million dollars in contributions made between 2007 and 2009 were made to the now-defunct Donald J. Trump Basis as charitable contributions. Trump made appearances in WWE television shows in 2007 and 2009, respectively.