"The show wasn't working," a source tells PEOPLE

Tyra Banks

Tyra Banks will be living the FABLife no more by year’s end.

The model turned mogul is set to exit the daytime panel show she created to focus on her TYRA Beauty cosmetics line, PEOPLE has confirmed.

Banks issued a a statement about the “very difficult decision” on Friday: “I will be devoting more time to my new, growing cosmetics company, TYRA Beauty, which is expanding faster than anticipated, as well as overseeing my company’s other entertainment ventures. I will, however, continue to support the growth and success of FABLife and greatly admire my fellow co-hosts and the talented production team behind the show.”

“The show wasn’t what Tyra wanted,” a source tells PEOPLE, confirming that Banks will produce FABLife through the end of the year. As for her co-hosting responsibilities, The Hollywood Reporter first reported that there are no plans to replace Banks as she scales back with appearances two or three days a week through the end of 2015, and occasional appearances throughout the spring season.

Squashing rumors of friction among the panel, the source adds that Banks, 41, “was disappointed with the direction that the producers were taking. It wasn’t right for her. She hopes it will be successful for the other cast members but she has to move on.”

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The America’s Next Top Model host previously headlined an eponymous talk show from 2005 11 and told PEOPLE in September that she was looking forward to “sit back sometimes” on FABLife. “With this team, I’m presenting these people and their ideas,” she said.

“I’m very forward-thinking,” Banks added at the time.

According to the source: “She’s done 22 cycles of Top Model and has two Daytime Emmys and knows how to produce and do television. And the show wasn’t working. It wasn’t exciting for her. She is a serious businesswoman and person, and she just didn’t want to be doing it anymore.”