Eddie Murphy Exits Oscar Host Job

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Eddie Murphy is stepping down as host of the 84th Academy Awards.

The move follows yesterday's resignation of Oscar producer Brett Ratner, who also directed Murphy in Tower Heist.

Academy of Motion Picture Arts and Sciences President Tom Sherak said in a statement, "I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well."

Murphy said in a statement, "First and foremost I want to say that I completely understand and support each party's decision with regard to a change of producers for this year's Academy Awards ceremony. I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job."

The 84th Academy Awards will be presented live on ABC Sunday, February 26, 2012, from the Kodak Theatre in Hollywood.