WWE and UFC have decided to merge, with WWE CFO & President Frank A. Riddick III leaving with an immediate impact
WWE has had to deal with a surprise exit just one day after its official merger with UFC. WWE CFO & President Frank A.
Riddick III is leaving the wrestling business, according to reports. According to Fightful Select, WWE President Nick Khan delivered an internal memo this morning announcing Riddick’s resignation.
The memo reads, “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 the company 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.”
Riddick previously worked as the CEO of FloWorks International, LLC, JMC Steel Group, Formica Corporation, and Triangle Pacific Corp.
He has also worked as the President/COO of Armstrong World Industries, Inc. He formerly held leadership positions such as Chief Financial Officer, Controller, Treasurer, and Vice President of Mergers and Acquisitions.
Riddick is expected to leave WWE at the end of this month, according to media reports. Riddick is the first executive to leave WWE since the company merged with UFC. According to reports, the merger aided him in collecting a $5 million bonus.
When Did WWE And UFC Decide To Merge?
The combination of WWE and UFC was first announced in April of this year. The long-awaited incorporation culminated in the formation of a new entity, TKO, with a $21.4 billion valuation.
According to reports, Endeavor, the parent company of the UFC, would own 51% of TKO, while WWE shareholders will own the remaining 49%.
“Where we want to get is where every UFC fan is a WWE fan and every WWE fan is a UFC fan,” UFC senior executive vice president and chief operating officer Lawrence Epstein told ESPN.
“We’ve always thought there was just an incredible opportunity to sort of roll up these two great brands and great organizations in the combat sports space. We were a little bit early in our thinking on this thing. And of course, it’s really exciting and really a dream come true to have this come together,” Epstein added.
Former WWE chairman Vince McMahon will serve as TKO’s executive chairman. Former UFC president Dana White has been named UFC CEO.
Meanwhile, WWE Chief Content Officer Paul “Triple H” Levesque’s position will remain largely unchanged. He is likely to continue as the head of WWE’s creative team as well as the wrestling promotion’s Chief Content Officer.