JUST IN: Michael Strahan to Exit LIVE Four Months Earlier Than Planned

PEOPLE reports exclusively that Michael Strahan will leave his post as co-anchor of LIVE WITH KELLY AND MICHAEL on May 13th, four months earlier than originally announced.

"May 13 is his last show," a source tells PEOPLE. "He'll take the summer off and GMA can integrate him early before September, and this will give Live! more time to find the co-host. He's totally fine with that. Now he can enjoy his summer."

In addition, the source has confirmed earlier reports that ABC executives apologized to Strahan for placing him in an awkward situation with his co-host Kelly Ripa. As a result, Ripa was a no-show for the past several days, but returned to the show this morning, joking, "the long national nightmare is over."

Explains the source, "They admitted that they handled it wrong and put him in a terrible position. The network decided and the show decided that they wanted more time to find the cohost. He's fine either way."

They add, "this is not about feeling awkward with Kelly. He was willing to stay until the fall, but the network is saying this gives them more time to find the co-host. He's a team player. He will do what they ask."

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