Vince McMahon is out at WWE.
The wrestling legend tendered his resignation as the Executive Chairman of TKO, the company that owns WWE ... just a day after an explosive lawsuit was filed by a former WWE staffer, alleging McMahon sexually assaulted her on numerous occasions.
78-year-old McMahon released a statement reiterating his innocence with respect to the disturbing allegations but would step down because it's the best move for the wrestling promotion he built decades ago.
"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.