After shocking allegations went public against former WWE chairman Vince McMahon, Deadline reports that the controversial figure has resigned from TKO Group Holdings. In a statement, McMahon stood by a prior statement saying Janel Grant’s lawsuit is “replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth.”
“I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name,” McMahon added. “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.”
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The swift exit follows some major moves related to WWE, both positive and negative for the company. The lawsuit went public the day after WWE announced their major streaming deal with Netflix for Monday Night Raw.
After the news broke, longtime sponsor Slim Jim paused their sponsorship and promotional activities with WWE. “Slim Jim values integrity and respect in all of our partnerships,” the company wrote in a statement. “Given the recent disturbing allegations against Vince McMahon, at this time we’ve decided to pause our promotional activities with WWE. This decision reflects our commitment to our brand values and responsibility to our community.”
The Slim Jim decision came on the eve of WWE’s Royal Rumble, which was to feature the company’s brand in several spots. Safe to say this sped up McMahon’s exit after the lawsuit dropped on Wednesday. Detailed in the suit are alleged encounters with McMahon that were met with shock online, especially one which allegedly involved McMahon defecating on Grant’s head. Alleged texts were also included and the response quickly snowballed today.
“Mr. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE,” TKO told Deadline through a spokesperson. “While this matter pre-dates our TKO executive team’s tenure at the company, we take Ms. Grant’s horrific allegations very seriously and are addressing this matter internally.” Additionally, WWE head Nick Khan told staffers through an internal email about McMahon’s resignation, noting he “will no longer have a role with TKO Group Holdings or WWE.”
