Eddie Murphy Out as Next Year's Oscar Host
11/09/2011 AT 02:15 PM EST
"I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well," Sherak said in a release from the Academy.
Murphy also released a statement through AMPAS: "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."
Ratner's withdrawal came after he had made – and then apologized for – an anti-gay slur while promoting his movie with Murphy, Tower Heist.
Next year's Oscars will air live on ABC Feb. 26. No replacement for Murphy has been named, although later in the day Wednesday the Academy announced that A Beautiful Mind producer Brian Grazer would join veteran producer Don Mischer (who originally was working with Ratner) in co-producing the broadcast.