Vince McMahon, named in a lawsuit alleging he abused and sexually exploited former World Wrestling Entertainment staffer Janel Grant when he was CEO of the wrestling company, has resigned as executive chairman of WWE’s parent company TKO, according to CNN.

The report says McMahon, 78, has denied the allegations and is prepared to defend himself in court, but he released a statement Friday announcing the move.

“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 the statement. Read the full CNN report.

Janel Grant, the former employee, also alleges that McMahon trafficked her to other men “as a pawn to secure talent deals” with prospective wrestlers the company was recruiting, according to a Wall Street Journal report.

Grant filed a lawsuit in U.S. District Court for the District of Connecticut on Thursday. The suit names McMahon, WWE and former head of talent relations John Laurinaitis as defendants.

The lawsuit claims Grant endured emotional distress in relation to “years-long sexual and emotional abuse.” The lawsuit seeks unspecified monetary damages. it also seeks a declaratory judgment that a nondisclosure agreement Grant signed while she was a WWE employee is “void and unenforceable.

McMahon stepped down as WWE’s CEO in June 2022 amid an investigation by the company’s board into alleged hush-money payments to women who accused him of sexual misconduct.

Per the lawsuit, McMahon and Laurinaitis both engaged in sexual assault and trafficking of Grant “both for their own pleasure and as a pawn to secure talent deals with prospective wrestlers they were recruiting” and did so on WWE property and using WWE funding.

The lawsuit came days after Netflix announced it will air WWE Raw starting next year. The deal is valued at more than $5 billion over 10 years. Netflix has the option to opt out after the initial five years and to extend for an additional 10 years. WWE’s current five-year deal for “Raw” with NBCUniversal is worth approximately $250 million-$260 million per year.

Born in North Carolina, McMahon began his professional wrestling career as a commentator for WWE (then called the World Wide Wrestling Federation or WWWF). He bought the company from his father, Vincent J. McMahon, in 1982 before buying out a substantial portion of wrestling territories and companies across the U.S. He later purchased competitor World Championship Wrestling (WCW) in 2001, as well as alternative brand Extreme Championship Wrestling (ECW) in 2003.