Resigning WWE COO To Receive One Year Severence Pay

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Resigning WWE COO To Receive One Year Severence Pay

Michael Sileck, the WWE Chief Operating Officer who is resigning at the end of the year, will be receiving a one year salary continuation beginning January 1, 2009 according to the latest 8-K documents filed by the company. He will also get medical benefits during his one year severance period and the vesting of restricted stock units valued at $115,000 using the market price for our Class A common stock.

This means that Sileck was forced out of the company rather than just resigning to move on to a different job. WWE announced Sileck's resignation last week after the disappointing third quarter financial results.

Meanwhile his replacement, Donna Goldsmith, will see her salary increased to $500,000 per year. She's currently the Senior Vice President of Consumer Products. She will also be granted 20,000 restricted stock units, which will vest over a three-year period.

Under the terms of her new employment arrangements, she would be entitled to two years salary and medical benefits continuation if her employment with WWE were to be terminated without cause.

More news at Wrestling-Online.com.

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