He is still in radio, and has a pretty big deal of a show in NY that is in several markets IIRC.
I would have to believe he left the WWF because of the lucrative opportunities that the radio industry provided him with. He was already doing well there before WWF, and did a lot better after WWF - so I am assuming that he decided to make a choice that was best for himself and would provide the most advancement and stability.
I believe that had Todd remained in the WWF, they would have dropped him during that time period anyway.
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