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Shep Smith, Photo by Steven Ferdman/Getty Images

Longtime Fox News anchor Shep Smith announced on Friday that he is stepping down from his position as Fox News' chief news anchor, managing editor of the network’s breaking news unit and anchor of his weekday news show, Shepard Smith Reporting. Smith has been with the network for 23 years.

Why it matters: His departure comes as a rift grows wider between daytime news anchors and primetime opinion hosts at Fox.

Details: Smith's last broadcast was Friday. The network sent a press release ahead of his final remarks about his departure on his show.

  • “Recently I asked the company to allow me to leave Fox News and begin a new chapter. After requesting that I stay, they graciously obliged," he said in a statement.
  • In his final broadcast remarks, Smith thanked the network, and said he appreciated the opportunities that afforded him to "travel the country and the world gathering the facts for you."

Fox News personalities seemed shocked by the decision. Neil Cavuto was speechless after Smith's final remarks. "I don't know what to say ... A better newsman you cannot find." John Roberts said he felt like he got hit by a subway train.

Be smart: The news comes just days after Attorney General William Barr met privately with Fox Corporation Chairman Rupert Murdoch, per The New York Times. Details about the context of the meeting were not reported.

Yes, but: CNN reports that Smith asked Fox leadership to get out of his contract in September, thus disproving any assertion that the meeting between Barr and Murdoch had anything to do with his departure.

The big picture: The President has become frustrated with Fox News' coverage in recent months, and has many times tweeted critically about Shep Smith and other Fox News personalities.

Go deeper:

Go deeper

Rep. Lamborn may have misused official resources, ethics panel alleges

Rep. Doug Lamborn departs from a news conference held by the House Republican Israel Caucus on May 19, 2021 in Washington, D.C. Photo: Caroline Brehman/CQ-Roll Call, Inc via Getty Images

Congressional ethics investigators said Monday there is "substantial reason" to believe that Rep. Doug Lamborn (R-Colo.) misused official resources and solicited or accepted improper gifts from subordinates.

Driving the news: Lamborn's aides told investigators they were often asked to run personal errands for his wife, Jeanie Lamborn, and were at one point tasked with helping his son apply for a federal position, according to the Office of Congressional Ethics (OCE). Lamborn strongly denies the allegations.

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
2 hours ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.