After two decades with the Barenaked Ladies, cofounder Steven Page is calling it quits. This news comes seven months after the singer/guitarist was arrested on drug charges.

The 38-year-old singer/guitarist, who was caught in possession in cocaine last July, could have faced over five years behind bars for the felony. But a deal struck late last year allowed Page to avoid jail time provided he seek treatment and avoid trouble.

The remaining band members delivered the announcement through their own website:

By mutual agreement, Steven Page will be parting company with the remaining members of Barenaked Ladies. Jim Creeggan, Kevin Hearn, Ed Robertson, and Tyler Stewart will continue recording and touring together as Barenaked Ladies. Steven Page will pursue solo projects including theatrical opportunities while the band enters the studio in April 2009, and hits the road in the fall.

Page says “These guys are my brothers. We’ve grown up together over the past twenty years. I love them and wish them all the best in the future.”

The band also wish Steven well in all of his endeavors. Ed Robertson says: “It’s the start of a new chapter for all of us. Here’s to the future!”

Everyone is looking forward to making new music and thanks their fans for their support.