Vince McMahon Announces Major WWE Cut Backs, Furloughing Employees, Pay Cuts & More

In an update on the conference call WWE Chairman and CEO Vince McMahon held with talent and staff this afternoon, it wasn't great news with the Chairman revealing some will be furloughed while they will let some employees go.

PWInsider reports the meeting lasted less than five minutes, here is what came out of that call:

– Vince said there will be cutbacks and furloughs for WWE staff and within the company, as these were ‘hard decisions’ that reflect the world today.

– He said that WWE would cut back on pay for Board Members and Executives.

– The plans to move WWE headquarters out of Titan Tower to the new office in Stamford, CT were delayed.

– McMahon added that they will be cutting the talent roster and overall head count of employees. Some of them will be on furlough but others will be let go. Employees will get texts on their status.