Updated at 7 p.m. ET:
In the wake of producer Brett Ratner's exit, the Academy of Motion Pictures Arts & Sciences has selected Brian Grazer to produce the 84th annual Academy Awards along with Don Mischer, Academy President Tom Sherak announced Wednesday.
Eddie Murphy also withdrew as host after Ratner resigned. The filmmaker was blasted in the media after making several controversial remarks to the press, including a gay slur on Howard Stern's radio show.
Brett Ratner steps down as Oscars producer following gay slur
"I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well," said academy President Tom Sherak.
Murphy was asked to host the show by Ratner, after the two worked together in Tower Heist.
Eddie Murphy to host the Oscars
"First and foremost I want to say that I completely understand and support each party's decision with regard to a change of producers for this year's Academy Awards ceremony," Murphy said. "I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job."
"Brian Grazer is a renowned filmmaker who over the past 25 years has produced a diverse and extraordinary body of work," said Sherak. "He will certainly bring his tremendous talent, creativity and relationships to the Oscars."
Grazer added, "It's very gratifying to be part of a show that honors excellence in the medium to which I have devoted so much of my career. Don is a legend, and I am excited to work with him."
The Oscars will air Sunday, Feb. 26, 2012 on ABC.