Arnold Schwarzenegger is replacing Donald Trump as the host of NBC's "The Celebrity Apprentice."

The 68-year-old actor is stepping in for the "CEO" role in the reality-competition franchise that showcases celebrities competing as entrepreneurs to win money for a charity of their own choosing, Variety wrote.

"I have always been a huge fan of 'The Celebrity Apprentice' and the way it showcases the challenges and triumphs of business and teamwork," Schwarzenegger said, as quoted by Variety. "I am thrilled to bring my experience to the boardroom and to continue to raise millions for charity. Let's get started!"

Aside from his work in various Hollywood movies such as the "Terminator" franchise, Schwarzenegger also served as California's governor for two terms and is currently holding a number of businesses, including restaurants, real estate development, and sports franchises, Variety listed.

Schwarzenegger's hosting duty comes after Trump decided to run as a Republican contender in the U.S. presidential race. The reality show first premiered in 2004 under the name "The Apprentice" to an average of 20.7 million viewers, CNN wrote. Since then, the program's viewership plummeted, but it still remained as one of NBC's valuable shows. The most recent season, which aired in January and February, had 7.6 million viewers.

Trump previously said that the network "begged" him not to run for the presidential race to continue as the host of "The Celebrity Apprentice," CNN added.

According to Variety, a regular hosting gig for Trump in NBC is not possible because of the FCC's equal time rule, which requires the network to "make comparable opportunities available to other candidates." However, NBC quickly cut ties with the business magnate after his candidacy speech made headlines for its offensive remarks against Mexican immigrants.

"After leaving the show to run for political office, Donald made it clear that he wanted 'The Celebrity Apprentice' to be able to continue to raise millions of dollars annually for worthy causes, and now NBC and I have found an amazing new leader to do just that," said executive producer Mark Burnett, as quoted by Variety. "Gov. Schwarzenegger will use his vast and highly successful business, political and media experience to drive this hit franchise to new heights."

On Twitter, Trump expressed his support for Schwarzenegger. He wrote: "Congrats to my friend @Schwarzenegger who is doing next season's Celebrity Apprentice. He'll be great & will raise lots of $ for charity."

The movie star also tweeted of his gratitude: "Wow. I'm blown away and honored by all your tweets. I can't wait to bring my experience to the board room & raise millions for charity."

The new season of the reality series will air sometime in the 2016-17 season, Variety noted.