Taking to his Instagram Stories, Phillip, 61, shared: "I have always been proud to cover fascinating stories on This Morning. But recently, This Morning itself has become the story.
"Throughout my career in TV - including the very difficult last few days - I have always done my best to be honourable and kind. I understand that ITV has decided the current situation can't go on, and I want to do what I can to protect the show that I love."
He concluded: "So I have agreed to step down from This Morning with immediate effect, in the hope that the show can move forward to a bright future. I'd like to thank everyone who has supported me - especially This Morning's amazing viewers - and I'll see you all for the Soap Awards next month."
Reacting to the news, Holly shared on her Instagram Stories: "Hi everyone...It's been over 13 great years presenting This Morning with Phil and I want to take the opportunity to thank him for all of his knowledge, his experience and his humour. The sofa won't feel the same without him." She finished the post with a heart emoji.
Despite rumours of a feud, Phillip previously called Holly his "rock" and the pair put on a united front throughout this week's episodes of This Morning. Holly has likewise praised her former co-star in the past, and during an interview with the Guardian she explained how the pair had never argued during their time on the sofa, comparing her bond to the one she shares with her sister.
Neither of the pair have commented on whether they will continue hosting Dancing on Ice together following Phillip's departure from the ITV daytime show.
In a tribute to Phillip, ITV's managing director of media and entertainment, Kevin Lygo, said: "Phillip is hands down one of the best broadcasters of his generation and we thank him for his two decades worth of absolutely terrific television on the This Morning sofa. This Morning is made by one of the best and most diligent teams in television, who produce over 12 hours of live television each week.We look forward to continuing our relationship with Phillip starting with The British Soap Awards in June and a brand new peak time series to come."
His career has seen plenty of highlights, and in 2020, the presenter movingly came out as gay on live television where he was supported by Holly. Speaking to his former co-star, he shared: "It's funny because everyone I've spoken to, and you, have all been so supportive and so loving and caring, and my entire family to a person have grabbed us and said it's ok it's ok, we love you we're proud of you...
He added: "Every person I tell it gets a little lighter and a little lighter, at the same time I have made this decision which is essential for me and essential for my head and that is principally the reason I have done this. They have been supportive while we get to this moment because we all know it was coming."
However, last year, he and Holly courted controversy over 'Queuegate' when it was thought that they jumped the queue in order to see the Queen lying in state ahead of her state funeral.
Addressing the controversy on This Morning, Holly could be heard saying in a voiceover: "None of the broadcasters and journalists there took anyone's place in the queue and no one filed past the Queen.
"We, of course, respected those rules, however, we realise that it may have looked like something else and therefore totally understand the reaction. Please know that we would never jump a queue."
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