Penny drops out of GMTV after 17 years
The 51-year-old's departure comes amid plans for a revamp for the breakfast news show and follows weeks of speculation over the future of GMTV's presenters as commercial broadcaster ITV faces tough economic challenges.
Smith will now host a new BBC Radio 2 opera show in June. She is also said to be in talks with ITV about other projects.
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Hide AdShe said: "It's an ideal time for me to say goodbye to early mornings. Now that the format has changed, I have taken the plunge and am moving on."
GMTV's managing editor, Neil Thompson, said: "Penny has been a welcoming and familiar face on Britain's breakfast screens for many years.
"She has become a hallmark of GMTV's presentation, not only on the sofa but also as a newsreader.
"She has done a fantastic job over the last 17 years and has made an enormous contribution to the success of the News Hour.
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Hide Ad"She will be greatly missed by the team. We wish her all the very best for the future."
Smith's co-host, John Stapleton, has been appointed the show's first special correspondent.
His new role will see him go on the road to "bring viewers his inimitable eye-witness accounts of the major national and international stories."