Fox News has announced that Shepard Smith has stepped down from his role as Chief News Anchor and Managing Editor of the network's breaking news unit and Anchor of Shepard Smith Reporting.

"Recently I asked the company to allow me to leave Fox News and begin a new chapter. After requesting that I stay, they graciously obliged. The opportunities afforded this guy from small town Mississippi have been many. It's been an honor and a privilege to report the news each day to our loyal audience in context and with perspective, without fear or favor. I've worked with the most talented, dedicated and focused professionals I know and I'm proud to have anchored their work each day - I will deeply miss them," Smith said.

Fox News President Jay Wallace this afternoon's edition of Shepard Smith Reporting was Smith's final show, during which he addressed his decision.

A series of rotating anchors will host the 3PM/ET time slot until a new dayside news program is announced.

Fox News will deny this, but you have to wonder if this and more importantly this had anything to do with his decision to leave.

Update: Fox News sent along this statement: “At no time did anyone - including anyone in management or a third party - speak to Shepard Smith regarding this matter. Anything to the contrary is entirely false and wildly inaccurate.”

Stay tuned…