The Fashion Police host is stepping down as the host of E! News on Aug. 10, the network confirmed in a press release. She will remain a co-host of Fashion Police and Live from the Red Carpet.
"For more than a decade, I was fortunate enough to play a role in the success of E! News and will miss my family at the show," Rancic said in a statement. "At the same time, I am excited to not only continue as host of two major franchises on E! but also executive produce the aspirational new show Rich in Faith for Oxygen as well as take my wine and clothing lines to the next level. This is such a thrilling time for me and I thank the gang at E! for understanding my desire to embark on this next chapter in my life."
The move comes just months after the anchor was embroiled in controversy for criticizing singer Zendaya's dreadlocked hair on the Oscars red carpet and saying that she looked like she smelled "like patchouli or weed."
The fallout led to a public spat with Fashion Police cohost Kelly Osbourne (who quit the show) and was followed shortly afterwards by the sudden departure of Kathy Griffin, who'd stepped in at the end of last year to replace the late Joan Rivers.
Rancic apologized on air to Zendaya but the return of Fashion Police was subsequently postponed till September.
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This year has not been easy for Rancic, 40, who also endured a devastating personal loss when the couple's surrogate miscarried and dealt with hurtful speculation about her weight.
She told PEOPLE in April that she, husband Bill and son Duke, who's almost 3, were planning to move to Chicago this summer. They'd previously lived part-time in the Windy City (Bill's hometown), commuting back and forth for work and their reality show, Giuliana and Bill.
"Up until now, Duke's been on our schedule," Rancic said. "But he starts school at the end of summer and we want him to have a connection with schoolmates and not be going from city to city."