Vince McMahon resigns from Chief Executive position in TKO day after lawsuit filed against him alleging sex trafficking of a former employee

Vince McMahon resigned from his position as Chief Executive of TKO Group Holdings Inc. and his role on the TKO Board of Directors one day after a lawsuit was filed by former WWE employee Janel Grant accusing him of sex trafficking and sexual abuse. The resignation came hours after Slim Jim, a sponsors of WWE, put on hold their advertising with WWE pending the situation with McMahon being sufficiently addressed.

An internal memo circulated to WWE staff from Nick Khan says:

“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. He will no longer have a role with TKO Group Holdings or WWE.”

This is nearly certainly the end of Vince McMahon having any role in the pro wrestling industry after 40 years of being the preeminent promoter. His tenure ends amidst allegations and evidence of lurid, shameful, disgusting mistreatment and manipulation of an employee. He had been accused of misconduct with many other women over the years and had reached out-of-court settlements with many of them.

McMahon’s legacy has yet to be written, but this last chapter that led to his resignation is likely to overshadow his success building the WWE brand and being part of creating a product for decades that entertained millions of fans.

His resignation should relieve some of the anticipated tension and dark cloud over the Royal Rumble tomorrow night both on and off-camera and among fans in the arena and at home. There are still questions over the internal investigation into McMahon last year and how much others in WWE knew of the disgusting conduct McMahon is accused of during the 2019-2022 period that Grant was employed by WWE.

McMahon issued a statement contending the lawsuit is “replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth.” The lawsuit includes text message exchanges including McMahon, presumably validated, that alone paint a dire picture of his conduct necessitating action by TKO and WME executives.

McMahon previously announced his retirement amidst allegations of misconduct on July 22, 2022. He wrote in a press release that still exists at WWE.com:

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.

“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”

It’s unlikely he’ll be afforded an opportunity to write a farewell letter and have it distributed and posted officially by WWE nor a send-off message on WWE TV, as Stephanie McMahon did on Smackdown 18 months ago.

Vince McMahon issued this press release tonight to the media:

“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 orchestrated a controversial and divisive return to power six months later which was followed nearly immediately by his daughter, Stephanie, resigning her position in the company, widely seen as a rebuke of his decision to force his return and in the process ousting her from her role as co-CEO with Khan.

PWTorch VIP members have access to several podcasts dedicated primarily to the lawsuit against McMahon in the last 24 hours including yesterday’s “Wade Keller Hotline” with a thorough overview and analysis of the lawsuit and likely fallout and today’s “Everything with Rich & Wade” and “The Fix with Todd Martin” hosted by Wade (recorded, but not published quite yet). Go VIP to dive into our thorough and ongoing coverage of this major story. CLICK HERE FOR VIP MEMBERSHIP DETAILS

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