Stephens, a Mitchelton-Scott director for the past eight years, announced the news via a letter to Spanish sports newspaper, Mundo Deportivo citing a difference of 'philosophies.'
"After pondering it a lot," reads the letter published on the Mundo Deportivo website. "I've come to the conclusion that I'll have to say goodbye to Mitchelton Scott's cycling team. All good things end and, in my case, it's time to look for a new challenge.
"In the last eight years my family and I have enjoyed being part of the Greenedge group and I have nothing negative to say about this period, but with time we mature and our philosophies can change.
"Possibly on some issues the team and I did not agree, so I think it is better that we continue on separate paths.
"In closing, I must express my sincere gratitude to the Ryan family for allowing us all to follow our dreams. "
The team confirmed the news in a statement to Cyclingnews and in the above tweet.
“Neil was one of the founding members of the team that made us who we are today and we thank him for everything he has done for the GreenEdge family.
“We will miss him but we wish him the very best for the future and hope to see him on the road along the way.”