Report: WWE Freezes Promotions, Raises For Employees
Reportedly stemming from the recent earnings release
Mike Johnson of PWInsider is reporting that WWE informed employees and staffers across several departments that it would not go forward with promotions and raises for the time being.
The freeze appears to be based on cautiousness, following the recent earnings release.
Company stock fell from $56 per share on Thursday, February 4 to $49.23 per share a day later, after the financials were revealed. WWE stock presently sits at $46.41 at the end of Friday.
The report goes on the say that employees would still be eligible to receive performance-based bonuses, but not official raises.
Earlier reports indicated that staff members learned of the freeze at a company-wide meeting, but this does not appear to be the case. Staffers were apparently informed of the freeze by their specific supervisors and managers over the course of the day.
There is no word on how long the reported freeze will last.
According to Johnson's report, "...given that so many employees are doing the work of several people due to pandemic related furloughs and firings, you can imagine how negatively this was received privately by those who were informed."
Written by Justin Henry
In addition to writing lists and commentaries for Cultaholic, Justin is also a features writer and interviewer for Fighting Spirit Magazine, and is co-author of the WWE-related book Titan Screwed: Lost Smiles, Stunners, and Screwjobs.
