Vince McMahon resigned Friday night as executive chairman of TKO Group Holdings (NYSE:TKO), the parent company of Stamford-based WWE, after he was hit was a lawsuit by a former WWE employee accusing him of physical abuse and sex trafficking.
The lawsuit by Janel Grant offered graphic allegations of McMahon’s treatment while she was part of the company between 2019 and 2022. Grant signed a nondisclosure form with McMahon in 2022 that would have ensured her silence, but she accuses him of reneging on the payout process and is seeking to void the agreement.
McMahon issued a statement angrily denying Grant’s allegations.
“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,” McMahon said in his statement. “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.”
McMahon previous stepped down from his corporate leadership at WWE in July 2022 after press reports surfaced regarding hush money payments to former female employees who accused him of sexual harassment. He forced his way back into the WWE leadership in early 2023, using his stock holdings, and coordinated a merger with Ultimate Fighting Championship parent company Endeavor Group Holdings.
Photo courtesy WWE
