WWE Announces Corporate Departure And New Hire, Salary And Start Date
WWE has announced Karen Mullane as its new Controller and Principal Accounting Officer.
Mullane served as a Chief Financial Officer of CreateMe Technologies, and before that held the position of Vice President and Corporate Controller of SeatGeek. WWE stressed that Mullane has no familial relationships with any director or executive currently working within WWE.
In the statement, WWE announced that Mullane will began her position on November 19, at WWE HQ in Stamford, Connecticut. Mullane will earn a base salary of $415,000, and is eligible to participate in the WWE Bonus Plan. Mullane is also entitled to a one-time sign-on bonus of $61,500.
This news comes in the wake of Mark Kowal's departure, WWE's now-former Corporate Controller. Kowal worked for World Wrestling Entertainment for 19 years, from September 2001 until November 2020. Kowall held the position of Corporate Controller since 2004, where he oversaw WWE's financial and accounting departments. He was also responsible for handling investments and managing assets.
You can see WWE's statement on their new hire below:
On November 19, 2020, World Wrestling Entertainment, Inc. (the "Company") appointed Karen Mullane as its Controller and Principal Accounting Officer. The appointment coincides with the departure of Mark Kowal after 19 years of dedicated service to the Company.
Since April 2020, Ms. Mullane, age 56, has served as the Chief Financial Officer of CreateMe Technologies, a privately held company bringing technology and hardware innovations to the apparel industry. Prior to that, from January 2019 until April 2020 she served as Vice President and Corporate Controller of SeatGeek, Inc., a ticket platform enabling users to buy and sell tickets for live sports, concerts and theater events. From July 2018 until January 2019, Ms. Mullane was the Vice President and Corporate Controller, Chief Accounting Officer for SoulCycle, a privately held New York City-based fitness company. From January 2014 to November 2017, Ms. Mullane served as Vice President and Corporate Controller of Etsy, Inc.
Ms. Mullane executed an offer letter with the Company (the "Offer Letter"), pursuant to which she agreed to serve as the Controller of the Company effective on November 19, 2020. The Offer Letter provides that Ms. Mullane will receive an annual base salary of $415,000, payable bi-weekly. In addition, Ms. Mullane will be eligible to earn annual cash incentive awards under the Company's management incentive plan. Ms. Mullane's annual target incentive award will be 35% of her base salary. Further information about the Company's management incentive plan is included in the Company's proxy statement for the 2020 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on March 6, 2020. Ms. Mullane will also receive a sign-on bonus in the amount of $61,500, subject to repayment if Ms. Mullane voluntarily terminates her employment with the Company. Ms. Mullane will also conditionally receive certain relocation expenses and temporary housing. In connection with the appointment, Ms. Mullane will be granted restricted stock units of the Company's Class A common stock valued at $166,000. These restricted stock units will be subject to and governed by the terms of the Company's Omnibus Incentive Plan and will vest in three equal annual installments. Ms. Mullane will also be eligible to participate in future equity award programs that are offered to other executives of the Company. Finally, Ms. Mullane will be eligible to participate in the Company's compensation and benefits plans and programs available to similarly situated executives.