For his part, Schwarzenegger said, "I have always been a huge fan of 'The Celebrity Apprentice' and the way it showcases the challenges and triumphs of business and teamwork. I am thrilled to bring my experience to the boardroom and to continue to raise millions for charity. Let's get started!"
Trump, who hosted seven seasons of "Celebrity Apprentice," announced that his involvement with the show would end when he announced his presidential campaign.
"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," executive producer Mark Burnett said in a statement. "Gov. Schwarzenegger will use his vast and highly successful business, political and media experience to drive this hit franchise to new heights."
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The former California governor, 68, was most recently seen in the 2015 reboot "Terminator Genysis."