Rag & Bone's David Neville Exits Company

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David Neville (left) and Marcus Wainwright

His longtime business partner, Marcus Wainwright, will now become the brand's sole CEO.

David Neville is stepping down as co-CEO of Rag & Bone, Pret-a-Reporter has confirmed.

Business of Fashion first reported Wednesday that Neville — who joined the company in 2005 and became a business partner with Marcus Wainwright — is exiting the New York-based company and leaving Wainwright as the company's sole CEO. Neville will still remain as one of the largest shareholders in the company and keep his seat on Rag & Bone's board of directors, according to BoF.

The duo — known for their denim, clean silhouettes and downtown sensibility — won the Swarovski Award for emerging talent in menswear at the CFDA Awards in 2007, and then was honored as menswear designers of the year in 2010.

Neville and Wainwright most recently launched The Men's Project campaign, which starred a total of nine men including Fading Gigolo director John Turturro, Youth star Harvey Keitel, Russian-American dancer Mikhail Baryshnikov, Star Wars actor Mark Hamill and rapper Wiz Khalifa.

A Rag & Bone rep declined to comment on Neville's next steps. However, BoF notes that he will be supporting his wife, makeup artist Gucci Westman, as she launches her own beauty and skincare line, and investing in emerging talent.