Hearst Magazines president Troy Young has stepped down just one day after a report from The New York Times laid out allegations of sexually offensive remarks and a toxic culture at the company.

Steven Swartz, the president and CEO of the Hearst media company, announced in a memo to colleagues Thursday that he and Young "agreed" that he should resign "effective immediately" following the damning exposé.

Hearst runs some of the country's most popular magazines, including Cosmopolitan, O: The Oprah Magazine, Esquire, Town & Country, Marie Claire, Elle, Harper's Bazaar, Men's Health and Women's Health, as well as The Food Network and HG TV magazines.

The Times reported on Wednesday that Young emailed pornography to a high-level editor and made lewd remarks during a visit to the Cosmopolitian office about sex toys that were sent.

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One female employee recalled a conversation at a holiday party where she spoke about a bad date she had with a man who complained about the body odor of one of his exes. According to The Times, "Young told her that she should have inserted her fingers into herself and asked her date if he liked her smell."

In a statement to the Times, Young said: “Specific allegations raised by my detractors are either untrue, greatly exaggerated or taken out of context. The pace of evolving our business and the strength of my commitment is ambitious, and I sincerely regret the toll it has taken on some in our organization.”

The report also offered an unflattering portrayal of Cosmopolitian Editor-in-Chief Jessica Pels, who reportedly mocked the appearance of an employee of color on the work messaging platform Slack. Two employees of color spoke out about the racial discrimination they felt under her leadership at the company.

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Earlier this week, ABC News executive Barbara Fedida was fired after an investigation was launched into racist comments she reportedly made about Black talent, including "Good Morning America" anchor Robin Roberts.