The Late Late Show with Craig Ferguson, Craig Ferguson

Monty Brinton/CBS

And the late-night changes keep on comin' at CBS!

Craig Ferguson will be leaving The Late Late Show in December 2014 after 10 years, the host announced to his studio audience during Monday's taping, with the network confirming he exit. News of Ferguson's decision to exit the late-night talk show comes after CBS announced that Stephen Colbert is set to replace David Letterman as the host of The Late Show in 2015.

"CBS and I are not getting divorced, 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," Ferguson said in a statement, making a cheeky reference to Gwyneth Paltrow and Chris Martin's now-infamous separation statement.

"During his 10 years as host, Craig has elevated CBS to new creative and competitive heights at 12:30," CBS president Nina Tassler said in a statement. "He infused the broadcast with tremendous energy, unique comedy, insightful interviews and some of the most heartfelt monologues seen on television."

Tassler continued, "Craig's versatile talents as a writer, producer, actor and comedian speak to his great days ahead.  While we'll miss Craig and can't thank him enough for his contributions to both the show and the Network, we respect his decision to move on, and we look forward to celebrating his final broadcasts during the next eight months."

 Ferguson already has several projects in the works post-Late Late Show, including hosting a new syndicated game show, Celebrity Name Game, in Fall 2014.

After making his debut as the host of The Late Late Show in 2005, the Scottish-born Ferguson won a Peabody Award in 2009.

After Letterman announced in early April that he was retiring from The Late Show, speculation soon began over who would replace the iconic late-night host. Ferguson, whose 12:35 a.m. show follows Letterman's 11:35 p.m. broadcast, was one of the names being tossed around before CBS announced The Colbert Report star would be taking over Late Show hosting duties in 2015.

"Congratulations to the hugely talented and fragrant and lovely @StephenAtHome on the new gig," Ferguson tweeted after Colbert was announced as Letterman's replacement. "Welcome to the CBS funhouse."

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