Hip-hop mogul Russell Simmons has resigned his post as CEO of Phat Fashions. Simmons founded the company in 1992 when he launched his Phat Farm fashion line. Despite selling Phat Fashion to Kellwood for $140 million (GBP70 million) in 2004, Simmons remained as CEO. Simmons says, "I have enjoyed my association with Kellwood over the last three years. 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."