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What Vince McMahon said to the WWE team ahead of releases and furloughs

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Vince McMahon has more than a hammerlock to worry about in his future.
Vince McMahon has more than a hammerlock to worry about in his future.

On Wednesday morning, word went around that WWE CEO & Chairman Vince McMahon would address the company about their plans to reduce the budget during the coronavirus pandemic. The call was reportedly short, and we didn’t have much time to think about it before announcements about talent releases and reports of furloughed employees started hitting the web.

The remarks were shared with the WWE team via video, and Fightful got a copy of it.

What McMahon said is in line with what was in the company’s press release about the cuts. It also sounds a lot like the public statements a lot of folks are hearing from their bosses these days.

“Thank you all for joining me today. First and foremost, I hope that you and your families are safe. What we’re going through today is unprecedented, and there’s no doubt these are challenging times for everyone. Given the adverse effects of the coronavirus and the resulting financial recession, WWE, like so many companies have to decrease operating expenses. Effective immediately, we are reducing executive and board member compensation, decreasing talent expenses, cutting third party staffing and consulting, and improving our cash flow by delaying the production of our new headquarters for at least six months.

Despite all these measures, given the uncertainty we are facing today, unfortunately we have to temporarily reduce head count. As such, a number of WWE employees will be furloughed from the company today. At the close of my remarks, employees will receive a communication detailing their individual situations. More specifically, those impacted by the furloughs will receive a text message from Human Resources with specific information for their next steps.

These are not easy decisions, but reflect the reality of the environment we’re working in today. We live in a world of troubled times. I’m confident as a company, and most importantly, confident in you as individual employees, will pull through these tough times and come back to work and make life better than it’s ever been. Thank you.”

The same Wrestling Inc report mentioned in today’s Rumor Roundup also mentioned that WWE would continue to pay the company’s portion of furloughed employees’ health care premiums, which probably helped as much as McMahon’s video.

Released wrestlers never had health insurance through WWE, so they just have Vince’s words... and the company’s best wishes on their future endeavors.