http://kotaku.com/5890594/peter-molyneux-is-leaving-lionhead-studios-and-microsoft-will-finish-kinect-fable/
Molyneux is exiting both his position as the leader of Lionhead and his role as the creative head of Microsoft Studios Europe, which primarily consisted of overseeing Lionhead and Rare. Lionhead will be run by studio co-founder Mark Webley. Microsoft is not immediately naming a new head of the European studios.Molyneux will move on to an as-yet unpublicized independent venture, one that ends his tenure at Lionhead. That studio is responsible, under Molyneux, for more than a decade's worth of ambitious games.Kotaku
Interesting news, I did enjoy Fable 2 (haven't played 3 yet) and always enjoyed his enthusiasm, be interesting to see what his next project will be.
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