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Vince McMahon has resigned from his position as CEO of TKO, the parent company of WWE, after disturbing accusations of sexual assault, trafficking and physical abuse.
The allegations came to light in a lawsuit filed by a former WWE staff member, Janel Grant, who worked at the headquarters of the wrestling giant founded by McMahon.
McMahon has denied the allegations and said he is prepared to defend himself in court. But, in a statement Friday, McMahon said he resigned.
“Out of respect for the WWE Universe, the extraordinary business of TKO and its board members and shareholders, partners and constituents, and all the employees and Superstars who helped make WWE the global leader it is today, I have decided to resign my post. executive chairmanship and board of directors of TKO, effective immediately,” McMahon said in a statement.
Reports that McMahon had paid settlements to several women while serving as WWE CEO and chairman have been circulating since at least 2022, but the lawsuit, filed by Grant on Thursday, sheds new light on the extent of the alleged wrongdoing. McMahon’s conduct.
In the lawsuit, Grant alleged that McMahon offered him a job offer in WWE, and subsequent promotions, in exchange for sex. Grant’s lawsuit also alleges that McMahon trafficked her to other men inside and outside the company, including John Laurinaitus, who worked in the company’s talent relations department and is also named as a defendant in the lawsuit.
McMahon engaged in acts of “extreme cruelty and degradation” toward Grant during his time in WWE, the lawsuit alleges.
In an email to staff, obtained by CNN, WWE president Nick Khan said simply that McMahon submitted his resignation from his positions as CEO and board member.
“He will no longer have any role in TKO Group Holdings or WWE,” Khan wrote in his email.
On Thursday, after Grant’s allegations were made public in a lawsuit, the company said, “McMahon does not control TKO or oversee the day-to-day operations at WWE.”
McMahon’s departure marks another turning point for the wrestling entertainment company he created more than 40 years ago.
He initially retired from his role as WWE CEO and President in July 2022 amid allegations of sexual misconduct. At that time, WWE announced that a special committee would investigate McMahon.
However, their retirement didn’t last long. The investigation was closed in November 2022 and McMahon returned to the WWE board of directors in January 2023.
Grant’s lawsuit raises questions about the culture at WWE, which she claims actively worked to cover up McMahon’s wrongdoings. She alleged that the special committee assigned to investigate McMahon never interviewed her or requested any documents, despite Grant’s alleged willingness to cooperate.
McMahon had served on TKO’s board of directors, which was officially formed in September when WWE merged with competitor UFC, owned by Hollywood powerbroker Ari Emanuel’s Endeavor Group. The deal valued the new company at more than $21 billion, with WWE shareholders owning 49% of the combined company. McMahon was the largest shareholder in WWE.
A disturbing incident in the lawsuit details an alleged sexual assault between Grant, McMahon and Laurinaitis that occurred at WWE headquarters in 2021. The two men allegedly pushed Grant behind a closed door and forcibly restrained her. As he begged them to stop, one of the men allegedly told him: “No means yes.”
In a statement to CNN on Thursday, Grant’s attorney, Ann Callis, said the lawsuit sought to “hold accountable two WWE executives who sexually assaulted and trafficked plaintiff Janel Grant, as well as the organization that facilitated or carried out the “I turned a blind eye to the abuse and then swept it under the rug.”
Previous attempts by CNN to contact Laurinaitis yielded no response.
McMahon’s departure comes as WWE has signed several lucrative business partnerships in recent days.
This week, Dwayne “The Rock” Johnson, a former WWE wrestler, announced that he would be joining the TKO board of directors.
McMahon touted the partnership in a statement Tuesday. “Very few people on the planet understand the convergence of sports, entertainment, media and business like Rock,” he said.
WWE will pay Johnson $30 million in stock awards to promote the brand as part of the deal.
Netflix also recently announced that it would become the exclusive home of “WWE Raw,” starting in January 2025. According to a document from TKO, the 10-year deal is valued at more than $5 billion.
Neither Netflix nor Johnson’s representatives responded to CNN’s request for comment this week.
This story has been updated with additional developments and context.