Vince McMahon & WWE Enter Employment Agreement
Vince McMahon stunned the wrestling world in early 2023 when he forced his way back onto WWE’s Board of Directors just months after retiring.
McMahon’s retirement came amid allegations of sexual misconduct and hush money payments made to former female employees of the company. A WWE Board investigation into McMahon led to him repaying millions of dollars to the company as a result.
Vince McMahon’s role as Executive Chairman is believed to be one where he will oversee media rights negotiations and possibly a sale of WWE, although there is growing belief that he will try and revive his interest in creative matters in the company that have been overseen by Triple H since July 2022.
Now a filing to the SEC has given more insight into Vince McMahon and WWE’s plans as they enter into an employment agreement that states that McMahon will be Executive Chairman for two years. The agreement is retroactive so begins on the date McMahon took up that role in the company, the 9th of January 2023.
The filing notes that Vince McMahon is receiving an annual base salary of $1.2 million in his role and that the role will be automatically extended for a further year unless either party provides 180 days’ notice to end the agreement.
The filing to the SEC also notes amendments to CEO Nick Khan’s employment and confirms that his salary has increased from $1.35 million to $1.5 million per year and that those payments are also retroactive, dating back to when he became sole CEO on the 10th of January 2023 following Stephanie McMahon’s resignation.