NBC announced Monday that the movie star and two-term governor will be the new host of the competition show.
There can be little argument that Trump and his ego made the show a success, first regular folks and then celebrities competing in business-related tasks. In seven seasons, NBC said "The Celebrity Apprentice" has helped raise more than $15 million for charity.
Schwarzenegger, who has long had a range of business holdings, from restaurants to real estate development to sports franchises, told Variety he is eager to begin filming the series.
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"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. "I am thrilled to bring my experience to the boardroom and to continue to raise millions for charity. Let's get started!"
Trump left the show that originated as "The Apprentice" following his decision to run for the GOP nomination for president.
"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," the show's executive producer, Mark Burnett, told Variety. "Gov. Schwarzenegger will use his vast and highly successful business, political and media experience to drive this hit franchise to new heights."
NBC said there's no word on whether Schwarzenegger will replace Trump's "you're fired" catchphrase with his own "you're terminated."