Eddie Murphy Steps Down as Oscar Host

AP)

Murphy bowed out of hosting the 84th annual award ceremony following his friend and producer Brett Ratner's decision to leave the show over saying a gay slur. 

Ratner left his position after he faced criticism for using a derogatory term for gay men during a Q&A session at a screening of his movie "Tower Heist," which stars Murphy. 

Murphy released a statement saying the following:

"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 of Motion Picture Arts and Sciences President Tom Sherak stated, "I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well."