Craig Ferguson announced on Monday during the taping of The Late Late Show that he would be leaving the show at the end of this year.
Ferguson will exit the late night talk show in December, saying it's a "conscious uncoupling." He has hosted the program for a nearly a decade.
"CBS and I are not getting divorced," Ferguson said in a statement. "We are 'consciously uncoupling,' but we will still spend holidays together and share custody of the fake horse and robot skeleton, both of whom we love very much."
CBS Entertainment chairman Nina Tassler spoke positively of Ferguson, saying, "During his 10 years as host, Craig has elevated CBS to new creative and competitive heights at 12:30." Tassler added that the network would miss him and thanked him for his time with The Late Late Show.
The late night talk show debuted in 2005 and won a Peabody Award in 2009. Ferguson was also nominated for an Emmy Award back in 2006.
The Scottish actor and talk show host is working through his production company, Green Mountain West to develop more television shows and is currently planning on hosting the syndicated game show Celebrity Name Game later this year.
CBS' late night schedule will be completely new in 2015 as David Letterman is set to retire from the Late Show once his contract expires. Stephen Colbert is set to step in as host and end his own long running Comedy Central program The Colbert Report.