More Executives Gone from WWE

Posted By James Walsh on 11/20/20


Two more top executives have exited WWE, one of which has been confirmed in a corporate disclosure. PWInsider reports that Brian Nurse, who was brought on as Senior Vice President, General Counsel & Secretary in September of 2018, is now gone from the company. Nurse reported directly to Vince McMahon and was described as “a key member of WWE’s senior leadership team” in his initial hiring announcement. He was responsible for overseeing the company’s legal affairs and served as a principal legal adviser to McMahon, the company presidents, and the executive management team, while also acting as Corporate Secretary to the Board of Directors.


In addition, a corporate disclosure (per PWInsider) noted that Controller and Principal Accounting Officer Mark Kowal has exited the company with Karen Mullane being installed into the position. The news comes after it was reported earlier today that John Brody, the Executive Vice President, Global Head of Sales and Partnerships for WWE, was let go earlier this week. That report suggested that additional departures may have occurred, which is obviously the case. There may be additional executives who were released as well.

The corporate disclosure announcing Kowal’s exit and Mullane’s appointment reads:

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 19, 2020, World Wrestling Entertainment, Inc. (the “Company”) appointed Karen Mullane as its Controller and Principal Accounting Officer. The appointment coincides with the departure of Mark Kowal after 19 years of dedicated service to the Company.

Since April 2020, Ms. Mullane, age 56, has served as the Chief Financial Officer of CreateMe Technologies, a privately held company bringing technology and hardware innovations to the apparel industry. Prior to that, from January 2019 until April 2020 she served as Vice President and Corporate Controller of SeatGeek, Inc., a ticket platform enabling users to buy and sell tickets for live sports, concerts and theater events. From July 2018 until January 2019, Ms. Mullane was the Vice President and Corporate Controller, Chief Accounting Officer for SoulCycle, a privately held New York City-based fitness company. From January 2014 to November 2017, Ms. Mullane served as Vice President and Corporate Controller of Etsy, Inc.

Ms. Mullane executed an offer letter with the Company (the “Offer Letter”), pursuant to which she agreed to serve as the Controller of the Company effective on November 19, 2020. The Offer Letter provides that Ms. Mullane will receive an annual base salary of $415,000, payable bi-weekly. In addition, Ms. Mullane will be eligible to earn annual cash incentive awards under the Company’s management incentive plan. Ms. Mullane’s annual target incentive award will be 35% of her base salary. Further information about the Company’s management incentive plan is included in the Company’s proxy statement for the 2020 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on March 6, 2020. Ms. Mullane will also receive a sign-on bonus in the amount of $61,500, subject to repayment if Ms. Mullane voluntarily terminates her employment with the Company. Ms. Mullane will also conditionally receive certain relocation expenses and temporary housing. In connection with the appointment, Ms. Mullane will be granted restricted stock units of the Company’s Class A common stock valued at $166,000. These restricted stock units will be subject to and governed by the terms of the Company’s Omnibus Incentive Plan and will vest in three equal annual installments. Ms. Mullane will also be eligible to participate in future equity award programs that are offered to other executives of the Company. Finally, Ms. Mullane will be eligible to participate in the Company’s compensation and benefits plans and programs available to similarly situated executives.

The foregoing description of the Offer Letter is qualified in its entirety by reference to the complete text of the Offer Letter, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Ms. Mullane has no family relationships with any director or executive officer of the Company, and there are no arrangements or understandings with any person pursuant to which she was selected as an officer of the Company. In addition, there have been no transactions directly or indirectly involving Ms. Mullane that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934.