Chen announced that she was leaving The Talk in a pre-recorded video that was played at the end of Tuesday's episode. The video was taped while Chen was on the set of Big Brother, another program she hosts.
"I need to spend more time at home with my husband and our young son, so I've decided to leave The Talk," she said. Chen went on to thank each co-host individually, the production crew and fans.
"I will always, always cherish the memories we shared. Most important, I want to thank you, the viewers, for allowing me into your home every day. It was a privilege that I will forever be grateful for," she continued.
Chen is still expected to continue on as host of Big Brother, Variety reported.
Moonves was recently ousted from CBS, which broadcasts The Talk and Big Brother. He was first accused of sexual assault and harassment in a July article published in the New Yorker. A second article was then released in September featuring six more women accusing Moonves of sexual misconduct over the past 30 years.
Chen and Moonves have been married since 2004. The pair share an 8-year-old son together, Charlie.