Vince McMahon has resigned from his position as executive chairman of TKO Group Holdings.
TKP Group Holdings is the parent company of World Wrestling Entertainment (WWE).
McMahon resigned following a lawsuit accusing him of sexual assault, trafficking and physical abuse.
The lawsuit was filed by Janel Grant, a former WWE employee who sued the company, McMahon, and former head of talent relations John Laurinaitis for sexual misconduct.
Grant alleged that McMahon dangled a job offer at WWE and later promotions in exchange for sex.
Grant’s lawsuit alleges that McMahon coerced her into a sexual relationship.
She said he shared sexually explicit photos and videos of her with male colleagues and made “increasingly depraved” sexual demands.
CNN reports that McMahon denied the allegations, adding that he is prepared to defend himself in court.
He announced his decision to resign from his positions as TKO executive chairman and on the TKO board of directors.
“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,” he said in a statement.
“I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately,” he said.
“[This is] 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.”
Nick Khan, WWE president, said McMahon will no longer have a role with TKO Group holdings or WWE.
In 2022, the WWE board announced an investigation over an alleged $3 million settlement between McMahon and an ex-employee with whom he had an affair.
The investigation, however, closed in November 2022 and McMahon returned to WWE’s board in January 2023.