Will A Product lose Rankings If You Split The Listing?

Hi Everyone,
I have a listing with a few variations, I would like to split in a two. Let's say one listing with colors for men, and one with colors for women. My question is a follows. Will the product lose its (keyword) ranking if i split it? (I understand that not all variations will still rank high. But at least the variation that sold the most, will the ranking stay?)
The Amazon rep. I spoke to swears that the ranking stays in plays. But I don't trust him. Has anyone here had such an experience?

Looking forward for your help.
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