Vince McMahon, the CEO of WWE and owner of its parent company TKO, has reportedly resigned from all roles within these two major companies, which he founded and successfully steered to billion-dollar status in 2023. The resignation was confirmed by WWE President and TKO board member Nick Khan in an email to the staff.

This decision comes in the wake of a lawsuit filed by a former WWE employee, Janel Grant, who had been with the company since 2019. The lawsuit accuses McMahon of sexual exploitation, including allegations of trafficking her to other WWE executives, among other serious accusations.

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McMahon had previously retired from WWE in 2022 amid misconduct investigations but returned to the company in 2023. This eventually led to the merger of WWE with UFC under the TKO Group, with McMahon serving as the executive chairman until his recent resignation.

In response to the lawsuit, McMahon released a statement denying the allegations and expressing his intention to vigorously defend himself. McMahon’s spokesperson dismissed Grant’s claims as a “vindictive distortion of the truth filled with utter lies.”

While acknowledging the seriousness of Grant’s allegations, the parent company of WWE, TKO Holding Group, issued a strong statement clarifying that McMahon no longer has control over the decision-making of the parent company and is not involved in the day-to-day operations of WWE.

In June 2022, McMahon had stepped down as the CEO of WWE following internal investigations that revealed payments totaling $14.6 million to women for accusations of sexual misconduct. McMahon is reportedly prepared to vehemently fight against all the allegations made against him.