Jenny McCarthy and Sherri Shepherd will not be returning to co-host 'The View,' and for the first time since announcing their departures, the pair addressed their shock decision on Monday's (July episode (8th July).

Jenny McCarthy
McCarthy has only co-hosted the show for one year

McCarthy, who has only worked on the daytime show for one year, started things off by jokingly telling the audience, "We're staying!" which was met with a huge roar, but once this died down she came clean. "Actually, it is true," she said about leaving the show, "but I love the support."

However, when Shepherd opened up about exiting the show, which she has been a permanent co-host since September 2007, things became quite emotional.

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"A lot of producers have known since the spring that I didn't intend to return after my contract ends in August," she said. "I didn't want to discuss anything in my personal life because I didn't want to do anything to distract from Barbara Walters and her (retirement) celebration in May."

"You know I'm a woman of faith, and seven is the number of God's completion, Shepherd added, referring to the amount of years she has worked at the ABC talk show.

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"I've been here seven years, and my time with 'The View' is complete," Shepherd continued. "I'm going to forever be grateful to Barbara Walters and (producer) Bill Geddie for taking a chance on an actress and making me learn things, helping me step out of my comfort zone. They gave me a chance."

Sherri SHepherd
Shepherd has been a permanent co-host since 2007

The 47 year-old didn't take long to shed her own tears when wrapping up her heartfelt speech.

"Step out, do something that makes you scared," she stated. "I was scared to do 'The View.'" While holding back the tears, Shepherd concluded, "I love the cast and crew. They made me feel like this is my family. Thank you. Thank you."

There has been no word yet on who will replace McCarthy and Shepherd.