Vince McMahon has stepped down from TKO Group Holdings, Inc. (NYSE:TKO) and its subsidiary, World Wrestling Entertainment, the wrestling giant he founded, following a lawsuit alleging sexual assault and trafficking, and vowed to contest the charges.
At 78, McMahon resigned as executive chairman of TKO Group, parent to WWE, where he no longer has a formal role, as communicated to WWE employees via an email from Nick Khan, the company’s president, The New York Times reported.
“He will no longer have a role with TKO Group Holdings or W.W.E.,” Khan wrote.
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