AceShowbiz - Laverne Cox has signed on to become the ultimate fashionista, replacing Giuliana Rancic as E!'s red carpet style guru.

Rancic announced she would be stepping down as the network's leading fashion critic last week (May 7), and the "Orange Is the New Black" star will take her place, fronting a series of specials and marshalling E!'s awards show coverage.

"I'm so excited and deeply humbled to be hosting E!'s iconic red-carpet coverage," Laverne said in a statement. "For many years I would wake up early on awards show days, get my snacks in place and watch E!'s coverage all day long. I dreamed of walking red carpets."

"Now, not only have I had several fun and amazing personal red-carpet moments, I also get to be a red carpet guide for E!'s discerning audience and chat with my colleagues and folks I deeply admire for these very special events in their lives. I can't wait to get started while hopefully serving up fashion fantasies for the ages honey."

E! News executive Jen Neal branded Laverne as "a risk taker, groundbreaking pioneer and a fashion tour de force." In a statement, she added, "As we continue to evolve the way we cover Hollywood's biggest nights, Laverne's passion for, and extensive knowledge of, the fashion community resonates with our audience and we look forward to seeing her shine on the other side of the velvet rope."

Giuliana herself issued a lengthy Instagram message about her exit. "After 20 fabulous years hosting E!'s red carpet, I have decided to step out of my red carpet heels into a new pair of shoes," she wrote in a post. "One of my passions is great storytelling and I am thrilled to announce a new development deal with E!'s parent company NBCUniversal where I will be producing and bringing stories to life."

"To my E! family, thank you for allowing me to make my red carpet dreams come true for the past two decades. It has truly been a highlight of my career and life. To my production team throughout the years, you are all simply the best," she went on expressing her gratitude. "We have made some beautiful memories together that I will always carry with me."

At the end, the former star of "Giuliana & Bill" stated her hope for the future. "And to all the viewers, all around the world, thank you for watching and supporting me as we went along together on this red carpet ride," she noted. "I love and appreciate you all and I sure hope you will join me as I enter this exciting new chapter."