Davis, who joined the title in 1995, is understood to be kept on as a contributing editor, although few other details about the reasons for his departure have been released.
Davis was promoted to editor from his position of associate editor in 1999, taking over from Adam Higginbotham, who left after less than a year at the title, during which time the title's circulation fell 30% to 71,381.
In the two years since Davis took the reins, however, sales have declined even further, falling to 55,329 -- about half the 113,028 it was enjoying in 1996.
Neil Stevenson, former deputy editor of celebrity magazine Heat and recently outed by the Evening Standard as the man behind gossip website Popbitch, is being tipped to succeed Davis.
However, many feel it is doubtful that even someone with his credentials can save the 22-year-old title and halt the sales decline that is affecting all style magazines, such as sister title Arena and Sky, which Emap closed last year.
Emap took control of Face publisher Wagadon Publishing in 1999, after rival publisher Conde Nast sold its 40% stake in the business.
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