New York (CNN Business) Shepard Smith, the chief Fox News anchor who was despised by President Trump, said on his Friday program that after more than two decades at the network, he was stepping down and leaving the company.

"This is my last newscast here," Smith said, adding that he was "eternally grateful" to Fox for the opportunities it has afforded him.

Smith, who joined the channel at its inception in 1996, said that he recently asked Fox to allow him to leave and begin a "new chapter" and that after management requested he stay, the network obliged. This is incredibly unusual in the cable news business, where long-term contracts lock in anchors for years at a time. Fox said that in the meantime, a rotating cast of anchors would fill the 3 p.m. time-slot.

Smith indicated that he has agreed to what is known as a "non-compete," a clause in a contract that ensures he won't immediately jump from one network to another. This means he will not be immediately joining CNN, MSNBC or another network, despite rampant speculation in the news business that he might.

"Under our agreement, I won't be reporting elsewhere, at least in the near feature," he said, indicating that he'll be able to spend more time with family now. "And then we'll see what comes along."

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