Banks, who will continue to executive produce the series, announced the new host and judging panel to USA Today after weeks of speculation. Singer/actress Ora will be joined by a new panel of judges, including supermodel Ashley Graham, stylist Law Roach and Paper magazine chief creative officer Drew Elliott.
Although Banks is mainly involved behind-the-scenes now, she'll still make "a couple of appearances" on the show, she said.
"I thought we were done with the brand," Banks told USA Today. "But the fact that the brand still has viability, and that VH1 really truly sees a strong future with it, how could I say no to that?"