On Wednesday, WWE revealed the release of close to 40 percent of its staff because of budget cuts related to the coronavirus pandemic. WWE had to let more than 20 in-ring performers including Rusev, Zack Ryder, Erick Rowan and the O.C. (Luke Gallows, Karl Anderson) go among others. WWE also released around ten WWE producers which also includes Hall of Famer Kurt Angle, Lance Storm and others. WWE later revealed that they had to take these measures for the survival of the company.
WWE also revealed that the various measures they are taking to improve the cash flow of the business. WWE stated that they are reducing the salaries of executives and board members and decreasing operating expenses. WWE then revealed that they are also cutting talent expenses and third party staffing and consulting to improve the flow.
According to Fightful (via The Sun), WWE Chairman Vince McMahon gave a speech to his employees before the budget cuts. On the conference call, Vince McMahon first thanked WWE officials for joining him and said that he hopes everyone is fine. Vince McMahon added that because of the “adverse effects of coronavirus and the resulting financial recession, WWE has to decrease operating expenses.” Vince McMahon said that these were difficult times and WWE had to make serious decisions.
“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,” said Vince McMahon.
Drake Maverick, Curt Hawkins, Zack Ryder, Heath Slater, Luke Gallows, Karl Anderson, Rusev, No Way Jose, Sarah Logan, Mike Kanellis, Maria Kanellis, Aiden English, EC3, Lio Rush, Eric Young, Primo Colon, Epico Colon, Erick Rowan, Deonna Purrazzo (NXT), Aleksandar Jaksic (NXT), MJ Jenkins (NXT), Josiah Williams (NXT), Mike Chioda (Referee)
Kurt Angle, Lance Storm, Mike Rotunda (IRS), Sarah Stock, Dave Finlay (Fit Finlay), Shane Helms (Hurricane), Pat Buck, Shawn Daivari, Scott Armstrong, Lance Storm
BREAKING: WWE has come to terms on the release of Drake Maverick (James Curtin), Curt Hawkins (Brian Myers), Karl Anderson (Chad Allegra), EC3 (Michael Hutter) and Lio Rush (Lionel Green). We wish them all the best in their future endeavors. https://t.co/cX449nNSLU— WWE (@WWE) April 15, 2020