Missing in action?

June 13, 2007

images2thumbnail.jpegIf companies are required to disclose in an 8K when a top executive resigns, even if it’s for “personal reasons” as Wellpoint (WLP) did in this 8K two weeks ago (be sure to read yesterday’s WSJ story for the juicy details), what sort of disclosure is required when the company’s chairman appears to blow up as World Wrestling Federation (WWE) claims its Chairman, Vince McMahon, did on Monday night?

As my buddy Paul Kedrosky writes, this had to be one of the strangest press releases issued yesterday. I’d go a bit further and say it’s one of the strangest releases I’ve seen — ever — and I’ve certainly seen my share! It’s one thing when a company blows a quarter or the top executive blows up at pesky questioners on a conference call. But stepping into a waiting limousine and then appearing to implode? And then issuing a press release suggesting that everyone from Donald Trump to Bob Costas could be behind the plot (as opposed to an over-zealous PR team)?

Of course, as we footnoted back in April, Linda McMahon, who is routinely described as “the powerhouse behind the scenes” has been the CEO of the company since 2000, even if Vince is making $850K to Linda’s $500K.

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