CNBC Bids Adieu to Contributor Larry Kudlow, Who Is Entering White House

Larry Kudlow - H - 2018

"We thank him for his many contributions and wish him well," said CNBC chairman Mark Hoffman.

A week after a CNBC spokesperson said that senior contributor Larry Kudlow has "no plans" to leave the network, chairman Mark Hoffman acknowledged reports that Kudlow is joining President Donald Trump's administration and bid him farewell.

Kudlow said Wednesday on CNBC that Trump called him Tuesday night and asked him to be his director of the National Economic Council. "My immediate reaction was, 'Yes, honored to take the job,'" he said.

White House spokesperson Sarah Huckabee Sanders on Wednesday afternoon confirmed in a statement that Kudlow was offered and accepted the job.

Hoffman, in his statement, thanked Kudlow for his many years of service to CNBC.

"Larry is a thoughtful, tenacious and gracious gentleman who possesses an encyclopedic knowledge of markets, economics and public policy," the exec said. "He has the unique ability to make the most complex concepts comprehensible and accessible. We thank him for his many contributions and wish him well.”

Kudlow got a strong vote of confidence from Trump on Tuesday, who told reporters that he was "strongly considering" his longtime friend and supporter for the job. "He's a very, very talented man, a good man, and I think Larry Kudlow has a good chance," he said.

Kudlow said Wednesday on CNBC that Trump called him earlier in the day and told him that he saw the news of the appointment on television, even before it was officially announced. He teared up talking about what the network has meant to him, saying that it gave him a second chance after he "crashed and burned."

The Kudlow pick was cheered by another major TV personality who supports the president's agenda. 

"I've known Larry Kudlow for years," Sean Hannity said on his radio show. "I love Larry Kudlow. He understands the economy as well as anybody."