Veteran name still set to leave WWE after 13 years despite not being released during the recent cuts - Reports

On Tuesday, WWE officially sealed the merger with UFC, giving birth to a fresh entity known as TKO Group Holdings. The latest edition of Monday Night RAW, which aired this week, signified the conclusive chapter of the Vince McMahon era, with the 78-year-old relinquishing his majority stake in the global powerhouse.

Unfortunately, the new era has led to the company undergoing massive budget cuts. It is reported that over 100 people have lost their jobs, and 17 on-screen talents, including Dolph Ziggler and Mustafa Ali, were also released by the company. Some more cuts are also expected.

As per Dave Meltzer of the Wrestling Observer Newsletter, World Wrestling Entertainment's CFO, Frank Riddick, is still set to leave the company at the end of the month, even though his name was not included in the people who were let go. Riddick has been with the company for 13 years.

''CFO Frank Riddick, who leaves at the end of the month, was the highest-ranking departure, but that was not part of the 9/15 cuts.''

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The reason why WWE made such major cuts all across the board

The Stanford-based company was recently purchased by Endeavour, the parent company of UFC. Cuts were expected by everyone because there were multiple releases in UFC as well when it was taken over by Endeavour in 2016. Dave Meltzer of the Wrestling Observer revealed the reason behind the layoffs:

''It was well known there would be massive cuts as plans were to cut back on $50 million to $100 million in expenses on the WWE side. Most of the cuts were made in regard to duplication of work, more from the Endeavor end than the UFC end.''

While Riddick was released by WWE, some of the massive names who were let go include Jamie Horowitz, the Executive Vice President of Developmental and Digital, and Catherine Newman, the EVP and Head of Marketing.