I assume this means BG&E2 is officially dead at this point. That series is/was his baby.
Rayman will be fine without him, as long as they keep with their new focus of keeping it as a classic 2D platformer like the 1995 original.
I just hope he keeps making console games with his new company, or if he's snatched up by another publisher. I'm surprised Ubi is letting him go so easily if this is true. You'd think Yves Guillemot would be offering him whatever he could to keep him happy and keep him on board. Oh well.