Russell Simmons and dozens of record industry executives and hip-hop moguls are scheduled to meet at 2:00PM today in New York to discuss the fallout from last week's Don Imus controversy.

Participating in the closed door meeting at the Park Central Hotel include Simmons, US Recorded Music CEO Lyor Cohen, Warner Music Group, RIAA chair Mitch Bainwol, Warner Music Group EVP Kevin Liles, Def Jam chairman LA Reid and COO Steve Bartels, Atlantic Records co-chair Craig Kallman, Interscope president Jimmy Iovine, Universal Music Group CEO Steve Rifkind, Atlantic president Julie Greenwald, Motown president Sylvia Rhone, Sony EVP Lisa Ellis, BET CEO Debra Lee, Damon Dash and Chaka Zulu, among others.

Simmons is promising "initiatives" after a discussion "issues challenging the industry in the wake of controversy surrounding hip-hop and the First Amendment," according to his reps.