TKO Group sent out a press release on Friday to announce that they’ve hired a new Chief Legal and Administrative Officer.
In the presser, which you can see below, it was announced that Seth Krauss has been brought on board for the position with a three-year contract that runs from January 1, 2024 through December 31, 2027:
On January 12, 2024, TKO Group Holdings, Inc. (“TKO” or the “Company”) entered into a Term Employment Agreement (the “Agreement”) with Seth Krauss, the Company’s Chief Legal and Administrative Officer.
The term of the Agreement is effective from January 1, 2024 and expires on December 31, 2027. The Agreement provides that Mr. Krauss shall serve as TKO’s Chief Legal and Administrative Officer and will report to TKO’s President or Chief Operating Officer (currently Mark Shapiro) or any successor position thereto. The Agreement provides that Mr. Krauss may continue to provide services in his role and position at Endeavor Group Holdings, Inc., Endeavor Operating Company, LLC and their respective subsidiaries, including as such roles and positions may be modified.
The Agreement provides for an annual base salary of $2,000,000 for the term, which will be pro-rated for any partial calendar year and subject to increase from time to time as approved by TKO’s Board of Directors (the “Board”) or an applicable delegate thereof (the Board or such delegate(s), as applicable, the “Governing Body”).
Mr. Krauss will be eligible for a discretionary annual bonus in respect of fiscal year 2023. Thereafter, during the term of the Agreement, Mr. Krauss will be eligible to receive an annual bonus with a target bonus amount equal to $2,000,000. The amount of the annual bonus will be based on the achievement of performance metrics based on TKO performance, as determined by the Governing Body in good faith.
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TKO Group Holdings, a prominent company in the wrestling industry, recently made an exciting announcement regarding their new Chief Legal and Administrative Officer. Seth Krauss has been appointed to this position and has signed a three-year contract with the company, effective from January 1, 2024, to December 31, 2027.
The press release revealed that Mr. Krauss will be responsible for overseeing legal and administrative matters within TKO Group. He will report to the company’s President or Chief Operating Officer, currently held by Mark Shapiro, or any successor in that position. Additionally, the agreement allows Mr. Krauss to continue providing services in his current roles and positions at Endeavor Group Holdings, Inc., Endeavor Operating Company, LLC, and their respective subsidiaries, with any modifications as necessary.
As part of the agreement, Mr. Krauss will receive an annual base salary of $2,000,000 for the duration of his contract. This amount will be prorated for any partial calendar year and may be subject to increase as approved by TKO’s Board of Directors or an applicable delegate known as the “Governing Body.” Furthermore, Mr. Krauss will be eligible for a discretionary annual bonus for the fiscal year 2023. Subsequently, during the term of the agreement, he will have the opportunity to earn an annual bonus with a target amount of $2,000,000. The actual bonus will be determined based on TKO’s performance metrics, as evaluated by the Governing Body in good faith.
This hiring decision by TKO Group Holdings reflects their commitment to strengthening their legal and administrative functions. With Seth Krauss’s expertise and experience in these areas, the company aims to enhance its operations and ensure compliance with legal requirements.
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Overall, TKO Group Holdings’ appointment of Seth Krauss as the Chief Legal and Administrative Officer demonstrates the company’s dedication to maintaining a strong legal framework and efficient administrative operations. This move is expected to contribute to TKO’s continued success in the wrestling industry.