Vince McMahon resigns from TKO Group after lawsuit

Vince McMahon resigned as executive chairman of TKO Group (TKO) on Friday after a former employee accused him of sexual abuse and sex trafficking in a lawsuit. In a memo to staff obtained by media outlets, WWE president Nick Khan said McMahon will no longer have a role at TKO Group or WWE. “Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group Holdings or WWE.” McMahon said in the statement: “I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name. However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”