ABC and BBC Studios announced Bergeron and Erin Andrews' exits earlier this month.
"Tom Bergeron will forever be part of the Dancing with the Stars family. As we embark on a new creative direction, he departs the show with our sincerest thanks and gratitude for his trademark wit and charm that helped make this show a success," they said in a statement to PEOPLE.
"Erin will also not be returning, and we appreciate all that she brought to the ballroom," the statement continued. "Fans have been rooting for her since she originally competed as a contestant back in 2010, and her signature sense of humor has become a hallmark of the show."
Bergeron has hosted the reality dance competition alongside a variety of co-hosts since its premiere in 2005. Andrews joined Bergeron as a co-host in 2014.
Banks' new gig marks the first time the show has brought on a Black female solo host.
"I like breaking these doors down so that we don’t have any more firsts, but it’s nice to be first so that you can open that door and let so many people in after you," Banks previously told GMA of taking on the role.
The model also shared what fans can expect in the upcoming season of Dancing with the Stars.
"Let’s just keep this real, it’s gonna be so next level," she revealed. "We’re doing all this crazy stuff, taking it to the next level, but still keeping the stuff America loves."
Currently, the new season of Dancing with the Stars is slated to premiere in the fall and the show holds a Monday 8 p.m. time slot on ABC's upcoming primetime schedule.
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