Sherri Shepherd Leaving 'The View,' Jenny McCarthy Confirms Exit

After seven years with ABC's The View, Sherri Shepherd has decided to depart from the daytime talk show.

A rep for Shepherd sent a statement to ET on behalf of the TV personality, saying, "It's been seven wonderful years on The View and after careful consideration it is time for me to move on. I am extremely grateful to Barbara Walters and Bill Gedde for giving me the opportunity. I look forward to the business opportunities that lay ahead for me and I am incredibly grateful to my View family and my fans for supporting me on this journey."

RELATED: Barbara Walters Returns to 'The View'

The 47-year-old co-host later tweeted:

Shepherd's exit follows Barbara Walters' last episode as a co-host of The View last month. Former co-hosts, including Star Jones, Rosie O'Donnell, Debbie Matenopoulos, Joy Behar, Lisa Ling, Elisabeth Hasselbeck and Meredith Vieira appeared on the show to give Walters the ultimate sendoff.

Rumors have surfaced that ABC wasn't seeing eye-to-eye with Shepherd's camp in terms of her new contract, which was coming up, but a source from ABC assures ET that Shepherd "wasn't fired."

The network said in a statement to ET: "The View will be moving in an exciting new direction next season and ABC has made decisions to evolve the show creatively."

Meanwhile, Shepherd tweeted a photo with her co-host Jenny McCarthy, writing: "Mr @DonnieWahlberg always takes care of his ladies @jennyannmccarthy & me! To be continued..."

McCarthy also confirmed rumors that she's leaving The View as well Thursday night, tweeting her support for Shepherd.

Do you think it's time for Shepherd and McCarthy to leave The View?