Vince McMahon has resigned from his role as executive chairman of TKO, the parent company of WWE, following disturbing allegations of sexual assault, trafficking and physical abuse.The allegations came to light in a lawsuit filed by a former WWE staffer, Janel Grant, who worked at the headquarters of the wrestling behemoth McMahon founded.McMahon has denied the allegations, and said he is prepared to defend himself in court. But, in a statement Friday, McMahon said that he has resigned.“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,” McMahon said in a statement.Reports that McMahon had paid out settlements to multiple women while serving as WWE’s CEO and chairman have been circulating since at least 2022, but the lawsuit, filed by Grant Thursday, sheds new light on the extent of McMahon’s alleged misconduct.In the lawsuit, Grant alleged that McMahon dangled a job offer at WWE – and later promotions – in exchange for sex. Grant’s lawsuit also alleges that McMahon trafficked her to other men inside and outside the company, including John Laurinaitus, who worked in the company’s talent relations department and is also named as a defendant in the suit.McMahon engaged in acts of “extreme cruelty and degradation” toward Grant during her time at WWE, the lawsuit alleged.This is a breaking story. Check back for updates.