On Wednesday, WWE Chairman & CEO Vince McMahon addressed WWE employees in what was being deemed an important conference call. It turns out, the call wasn’t just important, it revealed huge changes coming to the way WWE is conducting their business, effective immediately.
As per John Pollock of The Post, Vince held a meeting at 12 noon ET this afternoon to address WWE employees. It turns out, WWE is making huge cutbacks across the board and furloughing (temporarily laying off) staff company wide. Reports are, WWE is reducing executive and board member compensation, decreasing operating expenses, cutting talent expenses, third party staffing and consulting, and deferring spend on the build-out of the company’s new headquarters for at least six months.
Pollock added what seems to be a quote from the meeting: “Given the uncertainty of the situation, the company also identified headcount reductions and made the decision to furlough a portion of its workforce effective immediately”.
Ryan Satin of Pro Wrestling Sheet also tweeted about the meeting saying there should be an official announcement coming to WWE.com, but the overall gist of the call was that WWE was cutting back on the talent/overall head count of employees. He added that Executives were cutting back on their pay and there would be cutbacks across the company.
WWE Making Big Cutbacks
As more news becomes available on the meeting, we will post it here. But, it appears WWE is adjusting to how hard they’ve been hit financially with the crisis and is letting everyone know how it will affect business moving forward.
The hope is that all of this is temporary.