WWF Trims Staff, Replaces COO

World Wrestling Federation Entertainment Inc. is laying off 39 people, or 9% of its work force, and replacing its chief operating officer as the company struggles to recover from a profit slump.

Stuart Snyder, president and chief operating officer, is resigning. Pete DiNicola, a senior vice president, will become chief operating officer and executive vice president, reporting to Chief Executive Linda McMahon.

Several executives who had reported to Snyder will now report directly to McMahon. She said the restructuring, which marked the first significant round of layoffs in about eight years, should save the company about $9 million this year.

Shares of Stamford, Conn.-based WWF closed down 56 cents at $11.07 on the NYSE.