Credit: Dimitrios Kambouris/Getty Photo: Eddie Murphy at the The First Annual Comedy Awards

Eddie Murphy is following in exiting Oscar producer Brett Ratner’s footsteps, resigning from his role as host of the 2012 Academy Awards. The two were slated to work together, but after Brett withdrew following the controversy regarding his use of a homophobic slur, Eddie chose to go, too.

In a statement, the actor said, “I completely understand and support each party’s decision with regard to a change of producers... 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."

Luckily, there are no hard feelings between Eddie and the Academy of Motion Picture Arts and Sciences. President Tom Serak commented, “I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well.”

Not to worry, Oscar lovers: the show will go on. Be sure to check it out on Sunday, February 26, 2012 on ABC.

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