Russell Simmons made headlines last month after model Keri Claussen Khaligi accused him of sexually assaulting her at his New York apartment in 1991, when director Brett Ratner was also present.
At the time, he released a statement denying any inappropriate behaviour and insisting that any contact was consensual - but now a second woman has accused the Def Jam Records co-founder of sexual misconduct, also in 1991.
Actress and screenwriter Jenny Lumet - the daughter of filmmaker Sidney Lumet - published an open letter to Simmons in The Hollywood Reporter, accusing him of locking her in his car on the way home from a restaurant and demanding that his driver take them to his apartment. There, she alleges, they had sex against her will.
Now, Simmons has announced his intention to 'step down' from his business ventures, releasing a statement that read: "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 apologise."
He continued: "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."
HBO have confirmed that his name will be removed from 'All Def Comedy', the most recent project he was involved with in a production capacity.