James Corden made it official on the Thursday, April 28 broadcast of “The Late Late Show with James Corden” when the actor and comedian addressed the news of his departure from the venerable late night series he began hosting on March 23, 2015. He replaced Craig Ferguson who hosted the series from 2005-2014.

In his monologue, he said, “I have some news of my own to share with you. Seven and a half years ago, I started hosting this show. And there is no other way to put it, it has changed my life. I love it. I love all the people that work here. I am so proud of what we’ve achieved. It’s been beyond my wildest, wildest dreams. So, I’m happy to announce today that I’ve signed a new contract, to carry on hosting “The Late Late Show.” The audience cheered with excitement only for Corden to then drop the news that he agreed only to a one-year extension which will be his last as the show’s host.

“This will be my last year hosting the show,” said Corden, holding back tears. “When I started this journey, it was always going to be just that. It was going to be a journey, an adventure. I never saw it as my final destination, you know? And I never want this show to overstay its welcome in any way. I always want to love making it. And I really think in a year from now that will be a good time to move on and see what else might be out there. Okay? 

“But I’ve got to tell you, we are not leaving today. We still have a year to go and we are all determined to make this the best year we have ever had making this show. We are going to go out with a bang. There is going to be Carpools and Crosswalks, and sketches, and other surprises. And there will be tears. There will be so many tears. ‘Cause this has been the hardest decision I’ve ever had to make, it really has. I’ve never taken this job for granted. Ever. Not once. And…  the fact that you watch us at home. Or you watch us online. Wherever you are, all over the world. The fact that we get to try and entertain you and spend time with you is an absolute privilege for me and every single person who makes this show. Here’s to the next 12 months and it’s going to be a blast, I promise you that.”

Watch Corden’s comments and hear how the audience reacted below.