WWE has recently undergone a substantial round of layoffs, affecting both the corporate side and the talent roster. The post-UFC merger cuts have included a mix of executives and notable talents. The latest wave of releases, following TKO Group Holdings’ 3rd quarter earnings call, focused primarily on the corporate side, with a notable talent release as well.
According to information from Dave Meltzer in the Wrestling Observer Newsletter, several key executives faced the ax. Michael Weitz, the Senior Vice President of Financial Planning, who had been with the company since 2006, was among the executives let go. Weitz’s departure is seen as a result of job duplication, possibly due to similar roles within Endeavor or UFC. Weitz played a significant role in investor relations, regularly participating in quarterly investors’ calls for over a decade.
Craig Stimmel, the Head of Global Sales and Partnerships, also found himself on the list of those released. Stimmel, who had joined the company just last year, was part of the team responsible for a substantial increase in sponsorships. Other corporate casualties included Karen Mullane, the Controller and Chief Accounting Officer; Stewart Frey, the Senior Vice President of Streaming Technology; and Matt Geyer, the Senior Vice President of Gaming.
Amidst the corporate cuts, there was also a talent release on December 1st, with McKenzie Mitchell, the interviewer on NXT, receiving her pink slip. The reported reason for these cuts was to reduce expenses, and it was emphasized that they were not related to job performance. The departure of executives involved in investor relations signals a shift in how WWE handles investor communications, as recent investors’ calls were handled by figures from Endeavor and UFC, excluding direct WWE representation.
As WWE heads into 2024, which is anticipated to be a significant financial year following the merger with TKO, uncertainty looms regarding further personnel cuts. The merger has already been completed, leaving fans and employees alike apprehensive about the potential impact of the next round of cuts on both the corporate structure and the talent roster.
”There were more front office cuts and one talent cut on 12/1. The only name confirmed at this point from being let so were five major executives. Michael Weitz, the Senior Vice President of Financial Planning, who had been with the company since 2006, was let go. This would be job duplication as either Endeavor or UFC have someone doing the same job. Weitz was part of investor relations and was on all the quarterly investors calls for probably a decade if not longer.
The last investors call was totally different and was handled by Ari Emanuel and Mark Shapiro and included nobody directly with WWE like Weitz, or Paul Levesque or Nick Khan or Vince McMahon. Also let go was Craig Stimmel, the Head of Global Sales and Partnerships. He had just started last year and was part of the group responsible for the big rise in sponsorships.
Others let go include Karen Mullane, the Controller and Chief Accounting Officer; Stewart Frey, the Senior Vice President of Streaming Technology and Matt Geyer, the Senior Vice President of Gaming. The only talent name cut was McKenzie Mitchell, the interviewer on NXT. The story was that all cuts were based on cutting expenses and not related to job performance, although I can’t see Mitchell being a gigantic expense. Kelly Kincaid (formerly Quinn McKay in ROH) took over the position Mitchell had.”
