Well I was really looking forward to seeing Eddie Murphy host the Academy Awards, but alas it was not meant to be. A day after Tower Heist director Bret Ratner stepped down as the producer of the 84th annual Academy Awards, the star of that film, Eddie Murphy, has now exited his role as the host of the show.

In a statement, Academy of Motion Picture Arts and Sciences President Tom Sherak said, "I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well."  Ratner stepped down after he was widely criticized for using a gay slur during a Q&A session at a screening for his film; he also apologized.

In a statement, Eddie Murphy said, "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 Academy Awards will air February 26 and air live on ABC.