VIDEO: Watch CRAIG FERGUSON Announce He's Stepping Down from 'Late Late Show'

Craig Ferguson announced last night that he has decided to step down as host of THE LATE LATE SHOW in December 2014. Ferguson broke the news to his studio audience during the taping of the show, which was broadcast at 12:37-1:37 AM, ET/PT. Watch the announcement below!

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

Added Tassler, "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."

Said Ferguson, "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 has several projects in the works, including hosting "Celebrity Name Game," a syndicated game show beginning fall 2014, as well as developing television projects via his Green Mountain West production company.

Since its debut in 2005, THE LATE LATE SHOW with CRAIG FERGUSON has won critical acclaim for its unpredictable style and its host's versatility and charm. The Scottish-born actor, writer, director and producer brought a unique approach to late night television, earning the show a Peabody Award in 2009, and an Emmy Award nomination for himself in 2006. The program's signatures include an extended, unscripted monologue and guest interviews noted for their free-wheeling nature.

Ferguson has also received critical praise for his more serious commentaries, notably on the passing of his father, the Boston Marathon bombing, obtaining his U.S. citizenship and dealing with his own addictions after Britney Spears' infamous meltdown in 2007.

He has taken THE LATE LATE SHOW out of the studio with remotes from the streets of Paris and Scotland, as well as broadcasts from Miami and New Orleans in conjunction with CBS's coverage of the 2009 and 2013 Super Bowls. He also hosted the White House Correspondents' Dinner in 2008 after becoming a U.S. citizen.

THE LATE LATE SHOW with CRAIG FERGUSON is broadcast weeknights (12:37-1:37 AM, ET/PT). Peter Lassally is the executive producer; Michael Naidus is the producer.

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