"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,” Rancic said in a statement. “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," she added.

This all comes after Rancic made controversial comments about Zendaya's dreadlocks during a post-Oscar Fashion Police. Then-co-host Kelly Osbourne as well as Kathy Griffin both quit the show following the comments. 

Melissa Rivers will be joining Fashion Police when it returns in September.