Variety Magazine reports that Russell Simmons is stepping down from his various businesses following allegations of sexual assault.

Previously, screenwriter Jenny Lumet released a guest column in the Hollywood Reporter titled: Russell Simmons Sexually Violated Me. The column vividly details an alleged 1991 encounter between Lumet and Simmons. Lumet mentions that she was 24 at the time.

An excerpt from the column reads:

"You didn’t punch me, drag me or verbally threaten me. You used your size to maneuver me, quickly, into the elevator. I said “Wait. Wait.” I felt dread. I was very, very sad." Lumet is also the daughter of director Sidney Lumet.

Simmons recently issued an apology to Lumet saying:

"...While her memory of that evening is very different from mine, it is now clear to me that her feelings of fear and intimidation are real. While I have never been violent, I have been thoughtless and insensitive in some of my relationships over many decades and I sincerely and humbly apologize."

In regards to his business empire, Simmons had this to say: “...I will step aside and commit myself to continuing my personal growth, spiritual learning, and, above all, to listening.” According to Simmons, his executives will now be running the companies. The industry mogul has businesses in various fields such as music, film, television, and fashion. Simmons is widely known for co-founding hip-hop label Def Jam along with Rick Rubin.

Source: variety.com