Vince McMahon, executive chairman of the board of TKO Group Holdings and founder of sports entertainment juggernaut World Wrestling Entertainment, has resigned from his position at both companies.
The news comes according to an internal memo obtained and confirmed by CNBC.
“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,” said Nick Khan, president of the WWE.
On Thursday, The Wall Street Journal revealed that McMahon was the subject of a federal lawsuit after a former employee had accused him of sexual assault and trafficking her to other executives and WWE Superstars within the company.