The two women appeared on the show a week after it was announced they would both be leaving, and addressed what Whoopi Goldberg pointed out was the "giant neon pink gorilla in the room," according to ABC News.
"Let me tell you what is going on," McCarthy said. "I am so grateful to have worked with Barbara Walters in her last year, along with many producers and co-hosts. After much consideration, I've taken a new job which allows me to do what I do best, which is talk without having to interrupt anyone."
Although McCarthy didn't say exactly what the project would be, she said it may be competing with The View and that she would be making the announcement in the next few weeks.
Shepherd teared up as she spoke of leaving the show that she has been on for years. She said, "A lot of those people close to me and some of the producers here, they've known since the spring that I did not intend to return to the show after my contract ends in August.
"I'm a woman of faith and seven in the Bible is the number of God's completion. And I've been here seven years, and my time with The View is complete. I'm going to forever be grateful to Barbara Walters and Bill Geddie for taking a chance on an actress and a comedian and making me learn things and making me step out of my comfort zone, for giving me a chance when everybody said I shouldn't be at this table."
Shepherd also hinted that she had some projects in the works and that she hopes to come back to The View — but this time as a guest.
"Step out, do something that makes you scared because this scared me to do The View," she said. "I love the cast and crew who took me in and made me feel like this is my family. I love you, I love you."
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