Shepherd said Thursday in a statement to Deadline, "It's been seven wonderful years on 'The View' and after careful consideration it is time for me to move on. I am extremely grateful to Barbara Walters and Bill Geddie for giving me the opportunity. I look forward to the business opportunities that lay ahead for me and I am incredibly grateful to my 'View' family and my fans for supporting me on this journey."
McCarthy then tweeted, "If Sherri goes... I go too. #sisters." She added, "My View will be changing too. As will with many hard working folks. Thanks to everyone at the show for your dedication and an amazing year."
ABC said in a statement, “'The View' will be moving in an exciting new direction next season and ABC has made decisions to evolve the show creatively."
Shepherd and McCarthy's exit leaves Whoopi Goldberg as the show's only permanent co-host for now.
“View” co-creator Barbara Walters retired from the show on May 16, but is scheduled to appear on Friday's episode as a guest for the first time. The veteran ABC newswoman remains an executive producer.