Russell Simmons steps down as CEO

Russell Simmons has stepped down as CEO of Phat Fashions, the company he founded in 1992, that launched the popular Phat Farm brand of clothing.

Simmons sold Phat Fashions to Kellwood for $140 million in cash in January of 2004, but stayed on as CEO, managing the day-to-day operations of the company, including the marketing of the Phat Farm and Baby Phat lines of clothing and the company's various brands.

"I have enjoyed my association with Kellwood over the last three years," Simmons said in a statement. "We have accomplished much during this short period of time -- and I leave the division and the brand in great hands. There are so many things I want to achieve, and this is the appropriate moment for me to move on to my next business venture."

While he stepped down as CEO of Phat Fashions, which includes the Baby Phat division headed by his estranged wife Kimora Lee Simmons, Simmons will continue to run the Russell Simmons-Argyleculture and Atman brands, which will become his trademark properties.

All Phat Fashions brands will continued to be operated, distributed and licensed by Phat Fashions and its parent company, Kellwood which also holds licensing rights to brands like Calvin Klein, XoXo, Nautica, Claiborne and others.