Scott Olivet has stepped down as CEO of Oakley, according to the Orange County Business Journal. Colin Baden, president of Oakley since 1999, has taken over as CEO.

Olivet had led Oakley since 2005 and orchestrated the $2.1 billion sale of Oakley Inc. to Italy;s Luxottica Group SPA in 2007.

“Oakley will always be part of me and I will be part of Oakley, formally or informally, for as long as I can be useful,” Olivet told the Orange County Business Journal. “Colin and I have worked seamlessly since the day we met, so I expect we will have no challenges making this work.”

Olivet has started Renegade Brands LLC, a investment concern that ill look to invest in apparel and other consumer companies.

“I will play a variety of roles, from investor to active board member to executive depending on the situation,” Olivet said.

But he also plans to continue working for Oakley founder Jim Jannard's latest venture, Red Digital Cinema Camera Co., a digital movie camera maker. In addition, he  plans to increase his involvement with art galleries and buying.

Finally, Olivet said he hopes to “pursue some longstanding dreams such as a retail concept that I have had on the drawing board for five years.”

“Some businesses will be built from the ground up and others might be acquired selectively,”Olivet said.

Olivet joined Oakley in October 2005 as its CEO and as an Oakley director. From August 2001 to October 2005, he served at Nike Inc. as Vice President, Nike Subsidiaries and New Business Development, where he led, developed and executed the company's multi-branding strategy including the Cole Haan, Converse, Hurley, Starter and Bauer-Nike Hockey brands. Prior to Nike, Olivet served as The Gap, Inc.'s Senior Vice President of Real Estate, Store Design and Construction, responsible for The Gap, Banana Republic and Old Navy brands from 1998 to 2001.