Another day, another major figure in Hollywood and the entertainment world is getting exposed for alleged sexual wrongdoing during the course of their careers.

Next up is music icon Russell Simmons, who has decided to step down from his various businesses following sexual assault accusations from screenwriter Jenny Lumet. Here’s his statement:

“I have been informed with great anguish of Jenny Lumet’s recollection about our night together in 1991,” Simmons said in a statement. “I know Jenny and her family and have seen her several times over the years since the evening she described. 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.

“This is a time of great transition. The voices of the voiceless, those who have been hurt or shamed, deserve and need to be heard. As the corridors of power inevitably make way for a new generation, I don’t want to be a distraction so I am removing myself from the businesses that I founded. The companies will now be run by a new and diverse generation of extraordinary executives who are moving the culture and consciousness forward. I will convert the studio for yogic science into a not-for-profit center of learning and healing. As for me, I will step aside and commit myself to continuing my personal growth, spiritual learning and above all to listening.”

In a guest column for The Hollywood Reporter, Jenny detailed what happened during her’s and Russell’s 1991 meeting where she alleges the sexual assault took place. Russell first denied the claims and said he didn’t recall the night in question happening the way Ms. Lumet described.

With him now stepping down from his businesses, we’re anxious to see what happens from here. Stay tuned for more information.