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Schwarzenegger replacing Trump as 'Celebrity Apprentice' host

While "Celebrity Apprentice" contestants fear those two dreaded words—"You're fired"—we have to admit that "You are terminated" has a far more sinister ring.

NBC announced Monday that none other than Arnold Schwarzenegger will be replacing Donald Trump as the show's host for its 2016-2017 season. (Disclosure: NBCUniversal is the parent company of CNBC)

"We are thrilled to be opening a powerful new chapter in the story of the 'Apprentice' franchise," network executive Paul Telegdy said in a statement. "Arnold Schwarzenegger is the epitome of a global brand in entertainment and business, and his accomplishments in the political arena speak for themselves. It was Arnold's personal passion for the format that Mark Burnett and Donald Trump built over the last decade, as well as his fresh take on how to take it to new heights for today's audiences, that made him the man to hire."

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Telegdy also threw in the requisite "Terminator" reference for fans of the Austrian actor, adding, "'The Celebrity Apprentice' … will be back!"

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."