The rumors were true: Jeffrey Lubell will no longer be the main man at True Religion.

The California-based lifestyle brand announced yesterday that Lubell, who founded the brand in 2002, is vacating his position as chairman, CEO, creative director and employee of the company. Instead, he will serve as “chairman emeritus” and a creative consultant for two more years.

The company’s board of directors named Lynne Koplin, its current president and a veteran of Tommy Bahama and Warnaco, to serve as True Religion’s  interim CEO.

“I founded True Religion in 2002, and I am grateful and deeply honored to have had the opportunity to lead the company for the last 10 years,” said Lubell. “I am very proud of all that the company achieved during this decade of both achievements and challenges. Now is the right time to facilitate the next phase of the company’s development and growth and for me to seek new creative endeavors.”