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Vince McMahon resigned as executive chairman of WWE parent company TKO Group (NYSE:TKO) amid an alleged sex abuse scandal.
McMahon will defend himself against the claims but will step down “out of respect” for TKO and the WWE business, according to media reports, which cited a statement on Friday.
“I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO executive chairman and on the TKO board of directors,” WWE Presidnt Nick Khan wrote in an all-staff email, according to CBSsports report. “He will no longer have a role with TKO Group Holdings or WWE.”
The latest allegations come as McMahon first stepped down from his CEO and chairman roles in June 2022, amid a growing barrage of misconduct allegations, including secret multimillion-dollar settlements. Last January, McMahon returned to the chairmanship of WWE.
McMahon’s exit from TKO Group (TKO) comes after a big week for the company after announcing a $5B plus deal with Netflix (NFLX) and the appointment of wrestling and acting star Dwayne “The Rock” Johnson to the board. The news sent shares of TKO soaring 16% on Tuesday.
TKO is the result of the merger of World Wrestling Entertainment, formerly its own public company, with Endeavor Group’s (EDR) combat sports brand UFC.