First David Letterman announced his retirement from “The Late Show,” and now Craig Ferguson is joining him. On Monday night, Ferguson declared that he is stepping down from “The Late Late Show” at the end of the year when his contract runs out.

The Scottish born Ferguson, who has hosted 'The Late Late' show since 2005 informed CBS executives that he would be making the announcement on Monday night.

Ferguson stated: “CBS and I are not getting divorced, we are ‘consciously uncoupling,’ but we will still spend holidays together and share custody of the fake horse and robot skeleton, both of whom we love very much,” referring to two favorite props on the show.

What will he do next? Ferguson already has a new job lined up, as host of "Celebrity Name Game," a syndicated game show set to debut later this year. But he joked about his plans with the audience.

He claimed that after his stint ends, "I'll go and do something else. Probably, I'm thinking, carpentry. But I haven't made my mind up yet. ... I feel like doing this show for 10 years, that's enough," he said.

Guest LL Cool J told Ferguson "I hate to see you go."

As for his replacement, CBS chief executive Leslie Moonves said, “12:30 is up in the air,” in an interview with Bloomberg News. He also suggested the network was looking at multiple candidates for “The Late Late Show,” and that “a woman would be great” for the role.  Which reminds me, Chelsea Handler also has said she will be leaving her late-night show on E!

Who would you like to see replace Craig Ferguson on The Late Late Show?