WWE's 3Q Financial Results & COO Resigns

In WWE business news, WWE announced on Thursday that its Chief Operating Officer and board member Mike Sileck will be resigning at year's end. Sileck was promoted to COO in February of 2007 after serving as WWE's chief financial officer. He'll be succeeded by Donna Goldsmith, currently the executive vice president of consumer products. (Source: CNN Money.com)

The WWE has also reported its Third Quarter results. Both the WWE's operating and net incomes are down (see numbers here). WWE's CEO Linda McMahon cited the difficult enconomy and made the following comments regarding the slide in income for 3Q:

"Through the first half of 2008, our business achieved significant top-line growth despite a difficult economic environment. In the third quarter, however, our revenue growth slowed. Consistent with our previously announced commitment, we are moving forward with at least $20 million of cost savings in 2009," said Linda McMahon, CEO. "In addition, we have adjusted the scope of our Media Center project and reduced our planned capital spending by approximately $30 million to a range of $65 million to $75 million. We remain committed to managing our business in a manner that is consistent with maintaining our dividend and achieving our long-term financial objectives," concluded Mrs. McMahon.

(Info source: Marketwatch.com)