The pair, who were founding partners of the agency three years ago, are going freelance while looking for directing assignments.
Their equity will revert to John Longworth, the PWLC chairman, who is the last remaining partner. Mike Phillipson left the agency last year after a disagreement over its future direction.
Longworth said he would shortly be naming a creative director to plug the gap left by Ward and Camponi, who will continue with freelance assignments for the agency.
He denied their departures were connected with DFS. "Pete and Rick want to change their lives and this gives us a chance to freshen things up creatively," he said. "We were getting a bit stale."
Camponi was formerly the creative director at the Leeds-based Poulter agency, which he left in 2000. Ward built his reputation at Publicis, where his credits included Renault and Perrier.
PWLC has been working to lessen its dependence on DFS. The furniture retailer, the country's fifth-largest advertiser, is talking to London and regional agencies about its TV advertising.