Less than 24 hours after Brett Ratner resigned as producer of the 2012 Oscars after making an anti-gay slur, his handpicked host Eddie Murphy has quit.

In a statement Wednesday morning Murphy said, "First and foremost I want to say I completely understand and support each party's decision with regard to a change of producers for this year's Academy Awards ceremony. I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job."

Academy of Motion Pictures Arts and Sciences president Tom Sherak added, "I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well." Murphy stars in Ratner's new film, "Tower Heist."

Sherak and his academy team, including recently appointed CEO Dawn Hudson, must now scramble to find both a new host and a new producer to help Don Mischer, who was to produce the show with Ratner and is staying on.