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Vince McMahon has stepped down as executive chairman of WWE’s parent company, TKO Group.NYSE:TKO) amid an alleged sexual abuse scandal.
McMahon will defend himself against the charges but will resign “out of respect” for TKO and the WWE business, according to media reports. cited a statement Friday.
“I wanted to let you know that Vince McMahon has resigned from his positions as Executive Chairman of TKO and as a member of the TKO Board of Directors,” WWE President Nick Khan said. he wrote in an email to all staff, according to the 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 roles as CEO and chairman in June 2022, amid a growing barrage of allegations of misconduct, including multimillion-dollar secret deals. Last January, McMahon returned to the presidency of WWE.
McMahon’s exit from TKO Group (TKO) comes after a big week for the company following the announcement of a more than $5 billion deal with Netflix (NFLX) and the appointment of the wrestling star and acting Dwayne “The Rock” Johnson. The news sent TKO shares soaring 16% on Tuesday.
TKO is the result of the merger of World Wrestling Entertainment, previously a public company, with Endeavor Group’s (EDR) UFC combat sports brand.