TV network E! announced that long time anchor and constant red carpet presence Giuliana Rancic will be stepping down as day-to-day anchor of E! News at the end of the summer. The 40 year old Rancic is not leaving the network entirely however. She will still serve as co-host for Fashion Police and will continue in her role as red carpet reporter for the network.

Rancic's official last day as Anchor will be on August 10, 2015. In a statement, she expressed her gratitude for being able to hold the post, but looks forward to pursuing her entrepreneurial ventures and other projects:

"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. 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."

 Esquire Network president  Adam Stotsky hailed Rancic's stint on the show saying:

"During her time here, Giuliana played an instrumental role in building E! News into a global entertainment news powerhouse and, while we will miss seeing her on set every we are delighted to continue to work with her on Fashion Police and Live From The Red Carpet."

Rancic was in the news earlier this year when she made offensive statements about Disney star Zendaya Coleman's hairstyle on an episode of Fashion Police. She said that Coleman's hair probably smelled like "Patchouli or Weed."

E! has not yet said who might be in line to fill Rancic's soon to be vacant chair.