Craig Ferguson Leaving ‘Late Late Show’ in December; Ferguson Not Leaving CBS As a Divorce, They Are `Consciously Uncoupling’

Craig Ferguson is leaving "The Late Late Show" when his contract expires in December. Craig Ferguson is leaving CBS after almost a decade following David Letterman's "The Late Show" in the 12:35 a.m. slot.

Ferguson announced that he was leaving "The Late Late Show" to his studio audience while he was taping Monday's show at the 5 p.m.

In the CBS statement, Ferguson said "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."

This is the latest shakeup in the late night awards. It was recently announced that Stephen Colbert from Comedy Central's "Colbert Report" will replace David Letterman on "The Late Show."

Ferguson's decision comes less than a month after David Letterman announced that he intends to retire next year. Two weeks ago CBS announced that Colbert will take his slot. There were rumors that Ferguson might have been Letterman's replacement.

Ferguson's last contract with CBS gave him an $8 million-$10 million payout.

Ferguson started hosting "Late Late Show" on Jan. 3, 2005. Before he took his hosing duties he was an actor, writer and rock musician with a thick Scottish accent with a lot of wit.

Ferguson's humor was eclipsed by the on-air eulogy he gave for his father in January 2006 which was a turning point for the show.

Ferguson won the job after winning a bake-off competition thrown by Letterman's Worldwide Pants in 2004 to determine who would replace Craig Kilborn. Ferguson cooked his competition D.L. Hughley and Michael Ian Black and chosen as host by Peter Lassally, who produced The Tonight Show under Johnny Carson and who is still executive producer of "Late Late Show."

In 2010, Ferguson earned a Peabody Award for an interview he conducted with South African Archbishop Desmond Tutu in 2009. In 2006, Ferguson was nominated for an Emmy for hosting "Late Late Show." In 2014, he was nominated for a Grammy for his comedy album "I'm Here to Help."