Multiple sources reported on Friday night that Vince McMahon has resigned as the Executive Chairman of TKO Holdings, the parent company of WWE, and, effective immediately, will have no role in either company. The announcement comes days after details of a lawsuit against McMahon became public, with allegations that McMahon abused and sexually assaulted Janel Grant, a former employee of WWE, and trafficked her to other company executives and Superstars.

The news was reportedly communicated to WWE employees in an e-mail from WWE President Nick Khan earlier today.

“I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors,” the message reportedly said. “He will no longer have a role with TKO Group Holdings or WWE.”

In a statement released on Friday, McMahon said:

“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,”

 

After the details of McMahon’s actions against Grant came to light in the court documents, long-time sponsor Slim Jim put a pause on their sponsorship of the company. In an e-mail to POST Wrestling, the company said, “Slim Jim values integrity and respect in all of our partnerships. Given the recent disturbing allegations against Vince McMahon, at this time we’ve decided to pause our promotional activities with WWE. This decision reflects our commitment to our brand values and responsibility to our community. We will continue to monitor the situation and base our future engagements on our values and what’s best for our brand.” Slim Jim was to be one of the sponsors of WWE’s Royal Rumble premium live event, which takes place tomorrow night.

Though McMahon no longer holds any official role with TKO or WWE, he does remain a significant shareholder, holding approximately 25% of the shares of the company, representing over 10% of voting power (as of November 2023).

Stay tuned to Slam Wrestling for updates.

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