Trevor Noah is quitting as the host of The Daily Show, saying his "time is up" after seven years on the late-night talk show.
The South African comedian took over from fellow US comedian Jon Stewart in September 2015.
Thanking his audiences in the studio, at home, and around the world, he labelled the decision to hire him for the Comedy Central show in the first place "crazy".
Noah joked: "I remember when we first started, so many people didn't believe in us - it was a crazy bet to make. I still think it was a crazy choice. This random African, bringing a Chinese guy from Malaysia."
Malaysian comedian Ronny Chieng, the Daily Show's senior correspondent who was with Noah on stage, chipped in: "Yeah, Chinese guys with accents on American TV".
Noah was virtually unknown in the US when he was picked to be host, despite being a celebrity in South Africa.
Calling it "one of the best experiences of my life", Noah said that it was after beginning to tour with his comedy again that he realised that he missed "being everywhere doing everything".
He told his live studio audience: "I realised after seven years, my time is up... but in the most beautiful way.
"I've loved hosting the show, it's been one of my greatest challenges, it's been one of my greatest joys.
"We've laughed together, we've cried together... but after seven years I feel like it's time you know?"
His studio audience then gave him a standing ovation.
Noah didn't give any details about when exactly he would be leaving the role, or who would be taking over from him, just saying: "We'll figure out the timings and the whens."
During his tenure on the political and news-based satire he made stylistic changes and increased millennial-based references, impersonations and characterizations for his comedy.
Noah's departure from The Daily Show follows that of James Corden, who announced in April he would be leaving The Late Late Show early next year. At the time, the show's network, CBS, was said to be looking at cheaper alternatives to replace the British star.