CHICAGO (CBS) — The CEO and co-owner of Second City is stepping down amid accusations of institutional racism at the famed theater.

In a letter posted on the Second City website, Andrew Alexander said he failed to create and “anti-racist environment.”

READ MORE: MISSING: Cherish Taylor, 13, Last Seen In Auburn Gresham

READ MORE: Jury Deliberations In R. Kelly's New York Trial Expected To Start Friday

Alexander’s resignation comes after actor Dewayne Perkins said the company created obstacles for performers of color.

MORE NEWS: 73-Year-Old Man Dies In Rollover Crash Near Grant Park

Alexander also said in his letter the next executive director of Second City will be a person of color.