New York, Jan 27: Vince McMahon, the founder of WWE (World Wrestling Entertainment), has resigned from his position as the executive chairman of Tikio, WWE’s parent company, following shocking allegations of sexual harassment, trafficking, and physical abuse.

The allegations surfaced after a lawsuit was filed by Janelle Grant, a former employee at Tikio who had worked at McMahon’s wrestling empire’s headquarters. McMahon, who denies the accusations, expressed readiness to defend himself in court against the claims.

In a statement released on Friday, McMahon announced his resignation, stating, “Out of respect for the extraordinary businessmen of WWE and Tikio and its board members and shareholders, partners and constituents, all the employees and superstars who have helped make this company a world leader, I have decided to resign from my position.” The resignation from the executive chairmanship and board of directors of Tikio is effective immediately.

The lawsuit filed by Grant takes a serious turn on the extent of McMahon’s alleged misconduct. It accuses McMahon, who served as CEO and president of WWE, of harassing multiple women since at least 2020. Grant’s lawsuit contends that McMahon offered her a job in exchange for a promotion within WWE. Additionally, it alleges that McMahon trafficked her to other men both inside and outside the company, including John Laurinaitis, a defendant named in the suit who worked in the company’s talent relations department.

The lawsuit claims that McMahon engaged in acts of “extreme cruelty and degradation” toward Grant during her employment with the company. McMahon’s resignation marks a significant development in the ongoing legal proceedings surrounding these serious accusations.