Valentino announced this morning that Pierpaolo Piccioli will serve as sole creative director of Valentino, a position he has shared with Maria Grazia Chiuri since 2008. Chiuri is rumored to be named the new creative director of Dior and is exiting the Italian company after 17 years with the brand—8 in her role as co-creative director.

"Valentino and the people with whom I work with are a great part of my life. My decision of bringing forward the creative guide of this Maison is driven by the strong passion that triggers my work and by the desire of continuing to express here my stylistic vision," Pierpaolo Piccioli, says in a statement released by Valentino this morning.

The pair showed their final joint Haute Couture collection—inspired by Shakespearean era style—for Valentino yesterday in Paris. Rumors of Chiuri's departure have been swirling for weeks.

"I thank Mr. Valentino Garavani and Mr. Giammetti for their support in these years and for everything that I have learned from them," Maria Grazia Chiuri said in the statement. "I also thank Mr. Sassi and all the people that work within the Valentino Maison for their support in these years. I have shared with Pierpaolo a great part of my professional life and it has been an experience made of many successful creative achievements together. I am ready to embark on a new professional challenge."

CEO Stefano Sassi said, "Everything achieved in these years would have been impossible without Maria Grazia Chiuri and Pierpaolo Piccioli's talent, determination, and vision that together have contributed into making Valentino one of the most successful fashion companies. A new and exciting phase for the brand begins under the creative leadership of Pierpaolo Piccioli.The brand is strongly determined to continue its affirmation and development process accomplished in the past years."

Dior has not yet released an official statement. See BAZAAR's exclusive interview with the two designers.