WWE president Nick Kahn announced on Friday that Vince McMahon resigned from the TKO Board and "will no longer have a role with TKO Group Holdings or WWE.". Photo Credit: Craig Ambrosio/Handout Photo via USA TODAY Sports Jan 18, 2018; Stamford, CT, USA; WWE founder and chairman Vince McMahon poses for a portrait photo. McMahon announced that the XFL will re-launch in 2020. Mandatory Credit: Craig Ambrosio/Handout Photo via USA TODAY Sports

One day after serious and troubling charges against him were made public, Vince McMahon no longer has a role on the Board of Directors for TKO, the company which owns WWE.

WWE president and TKO board member Nick Kahn said in an email on Friday that McMahon has resigned his spot on the board.

“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,” Kahn said, per Joe Otterson, Variety. “He will no longer have a role with TKO Group Holdings or WWE.”

The Wall Street Journal reported on Thursday that the WWE and McMahon are among those being sued by Janel Grant, a former employee. As part of the suit, it’s alleged that McMahon sexually assaulted Grant. The suit also alleges that McMahon trafficked Grant to former head of talent relations, John Laurinaitis (who is also in the suit). And, while he was not specifically named, it’s also alleged that McMahon trafficked Grant to Brock Lesnar, a former champion in both UFC and WWE.

Grant is the same woman whose relationship with McMahon triggered an investigation surrounding non disclosure agreements and funds being used for payouts. The investigation eventually led to McMahon retiring from WWE, albeit briefly. He returned and oversaw the sale to TKO.

Thursday and Friday’s news comes at the end of what was previously a huge week for WWE, who announced a huge deal with Netflix to stream Raw, WWE’s flagship show. Dwayne Johnson (AKA, The Rock) also returned and took a spot on the TKO board.

As part of the fallout of Thursday’s news, longtime WWE sponsor Slim Jim paused its relationship with the company. It’s unclear how (or even if) that news will change following the departure of McMahon.

[Variety.com, Wall Street Journal]

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