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Toby Nankervis will be Richmond's sole captain for the 2024 AFL season after Dylan Grimes stepped down from his position as joint leader.

Dylan Grimes has stepped down from his position as Richmond co-captain in a move that leaves Toby Nankervis as the AFL club's sole skipper.

The Tigers confirmed Grimes' decision in a statement on Monday, saying it will allow the 32-year-old to focus on his own performance and life balance.

Grimes is set to remain a sounding board for Nankervis, with whom he shared the captaincy for the past two seasons.

The premiership pair took the reins after triple flag-winning skipper Trent Cotchin stepped aside at the end of 2021.

"Dylan has been a leader at Richmond for a long period and has decided to take a step back from everything that captaining an AFL club entails," Richmond football performance boss Tim Livingstone said.

"His experience and guidance will continue to be a great asset for our group, and we thank him very much for his commitment and efforts across the past two years since being appointed as our co-captain."

Nankervis, 29, was left as a standout choice as Richmond's sole captain for their first season under new coach Adem Yze.

"Being able to lead this club and our team is something I will never take for granted, so to be backed in to continue on as captain next year is a privilege," Nankervis said.

"We have some great leaders at the footy club and are united in what we want to achieve going forward on the field and as a high-performance environment, so I am looking forward to the challenge ahead."

Richmond finished 13th last season amid upheaval as long-time coach Damien Hardwick stepped down, replaced on a temporary basis by Andrew McQualter.

Former Melbourne player Yze was appointed as Richmond coach in September after successful stints as an assistant with the Demons and Hawthorn.