Vince McMahon resigns from TKO, WWE over sex assault lawsuit

FILE PHOTO: World Wrestling Entertainment chairman Vince McMahon looks out at the crowd during a segment of NBC's "Today" show in New York, U.S., April 2, 2007. REUTERS/Brendan McDermid/File Photo

(Reuters) - Vince McMahon resigned from wrestling giant TKO Group and the subsidiary WWE that he founded, over a lawsuit accusing him of sexual assault and trafficking, which he said he will fight, the company said on Friday.

"I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately," McMahon said in a statement released by TKO.