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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.
Lummet and Simmons worked together on the 1988 film Tougher Than Leather which was put together to promote Run DMC's latest album at the time.
She is seen above with Joseph Simmons, aka Rev Run, Russell's brother who was the star of the group It reads: 'I have been informed with great anguish of Jenny Lumet's recollection about our night together in 1991.
The companies will now be run by a new and diverse generation of extraordinary executives who are moving the culture and consciousness forward.
'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.' Simmons said his companies will be taken over and controlled now by 'a new and diverse generation of extraordinary executives'.