Vince McMahon has been the Executive Chairman of TKO Group Holdings since the company was formed last September. McMahon had secured his position in TKO despite Endeavor holding significant power. According to TKO’s Certificate of Incorporation, McMahon cannot be removed until the earliest of his death, resignation, or incapacitation.
On January 25th, a former employee filed a lawsuit against Vince McMahon. TKO recently issued a statement regarding the allegations. One of the major sponsors in WWE, Slim Jim, pulled their advertisement from 2024 Royal Rumple PLE following the lawsuit.
Today, Vince McMahon announced that he has resigned from TKO Group as Executive Chairman and the 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. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.
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.”