Vince McMahon, executive chairman of the board of TKO Group Holdings and founder of wrestling giant WWE, has resigned his positions at both companies, according to a WWE memo obtained by CNBC and confirmed by the company.
WWE Chairman Nick Khan informed employees Friday evening that Vince McMahon has resigned as CEO of TKO Holdings Group, the parent company of WWE and UFC.
“I wanted to inform you that Vince McMahon has resigned as CEO of TKO,” Khan said in an email to employees.
He added: “He will also no longer have a role in TKO Group Holdings or WWE. »
This news comes just one day after a lawsuit was filed by former WWE employee Janelle Grant in Connecticut.
McMahon, Lauranaitis, the former WWE head of talent relations, and WWE have been indicted on various charges, including sexual assault and human trafficking.
In a separate statement, McMahon confirmed his innocence in the lawsuit, but that did not stop him from resigning.
Declaration of innocence
“I stand by my previous statement that Ms. Grant’s trial is full of lies and platitudes that never happened,” McMahon said.
He added: “This trial is a vindictive distortion of the truth. » “I will vigorously defend myself against these false accusations and look forward to clearing my name.”
He continued: “However, out of respect for WWE fans, TKO, its board members, shareholders, partners, stakeholders and all employees and stars, I have decided to resign immediately. “
The end of McMahon’s TKO reign comes less than a year after Endeavor acquired WWE and merged it into a new company with the UFC.
Ari Emanuel, CEO of Endeavor, serves in the same role at TKO.
Ultimately, TKO did not fire McMahon or demand his resignation, although his resignation came quickly after the lawsuit was filed.
McMahon previously retired from WWE in 2022, following accusations of paying money, as part of an investigation into sexual misconduct within the professional wrestling organization.
McMahon resigned as Chairman of the Board of Directors of WWE, but returned 6 months later as the company’s largest shareholder and returned to work.
WWE ultimately ended up selling to Endeavor in a big deal.
But Emanuel said at the time that Vince was an invaluable member and there was no question of firing him.
“I’m the luckiest man in the world because I have Vince McMahon,” Emanuel said last April.
He continued: “He’s a man who sees all angles…I have Dana White in the UFC and what we’ve built. “It’s irresistible.”
In the end, the relationship only lasted 9 months given the recent accusations and lawsuits filed against McMahon.
