A new WWE SEC filing made today has revealed several changes to the company.
It was noted that since Vince McMahon retired from his role as former WWE Chairman & CEO on July 22, those roles have been assigned to four individuals – Chairwoman & Co-CEO Stephanie McMahon, Co-CEO Nick Khan, Chief Financial Officer & Chief Administrative Officer Frank A. Riddick III, and Chief Content Officer “Triple H” Paul Levesque.
This is the first time Triple H has been referred to as the Chief Content Officer. It was previously announced that he was working as the Executive Vice President of Talent Relations & Head of Creative, but now his duties have apparently been combined under the role of Chief Content Officer. Before the promotions given earlier this summer, Stephanie worked as the Chief Brand Officer, while Khan worked as the President & Chief Revenue Officer.
The WWE Corporate website still has Triple H listed as the Executive Vice President of Talent Relations as of this writing, but that should be updated soon.
The new SEC filing also reveals that Riddick was promote to the role of WWE President as of today, September 2. It notes that he will continue in his role as Chief Financial Officer.
The SEC filing also revealed salary changes, as of August 31. It was noted that WWE’s Compensation & Human Capital Committee determined that it is appropriate to provide certain enhancements to the compensation of Stephanie, Triple H, Riddick and Khan. The following salary changes were listed:
* Stephanie’s annual base salary increased from $730,000 to $1.35 million. She will continue to receive payments including, without limitation, the $750,000 guaranteed minimum under her booking agreement, which is her on-air talent deal
* Khan’s annual base salary increased from $1.2 million to $1.35 million
* Riddick’s annual base salary increased from $850,000 to $950,000
* Triple H’s annual base salary increased from $730,000 to $900,000. He will continue to receive payments, including, without limitation, the $1.0 million guaranteed minimum under his booking agreement, which is his on-air talent deal
Today’s filing also listed annual grants for each executive, which will begin in 2023. The following grants, subject to performance metrics and vesting periods, were listed:
* Stephanie is to receive $3.575 million
* Khan is to receive $3.575 million
* Riddick is to receive $2.4 million
* Triple H is to receive $1.6 million
It was also noted that Stephanie will receive a “one-time special equity grant of performance stock units” with a target value of $10 million on or about October 3, 2022. Triple H will receive the same kind of grant with a value of $8 million on or about October 3 of this year.
The filing states, “In addition to the foregoing, Ms. McMahon will receive a one-time special equity grant of performance stock units (‘PSUs’) with a grant date target value (valued as described in Section 3 above) of $10 million on or about October 3, 2022. This grant will have a three-year performance measurement period ending September 30, 2025, at which time the PSUs, adjusted as a result of performance, would vest. 82.5% of the performance metrics for Ms. McMahon will be based on certain media rights agreements and consolidated revenue, and the remainder will be based on the Company attaining certain human capital and governance goals to be determined by the Compensation and Human Capital Committee. Similarly, Mr. Levesque will receive a one-time special equity grant of PSUs with a grant date target value of $8 million on or about October 3, 2022. This grant will also have a three-year performance measurement period ending September 30, 2025, at which time the PSUs, adjusted as a result of performance, would vest. 65.0% of the performance metrics for Mr. Levesque will be based on certain media rights agreements, and the remainder will be based on the attainment of certain milestones relating to talent development and creative matters to be determined by the Compensation and Human Capital Committee.”
Khan and Riddick were previously issued equity grants that were included with their employment agreements when WWE hired them.
WWE has also established Severance Protection for these executives, which are to incentivize them to stay with WWE in the event of a “Change in Control” that includes mergers, another company purchasing WWE, and other instances. You can find details on the “Severance Protection in the event of a Change in Control” section by reading the full SEC filing at this link.
Stay tuned to WrestlingHeadlines.com for more.
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