According to this week's Wrestling Observer (dated September 25th, 2006), he has handed in his notice and is quitting the company completely, leaving his current one day-a-week announcing gig. The October 6th Smackdown will be his last show.
Apparently he's doing really well in his new day job as an investment banker in New York, and has decided he doesn't need the hassle of travelling to and from wherever Smackdown is taped every Tuesday. He's also been very critical of John Laurinaitis behind the scenes as well, and is somewhat disillusioned with the product.
In unrelated news that may become related soon, Tazz' contract is also up at the end of the year and he's looking for a raise. Apparently the radio tryouts he did on Sirius some months back went quite well, and he believes that he now has a bit of leverage, as he has somewhere else to go to if WWE don't comply with his wishes.
Stolen from UKFF.
Now if only Michael Cole quits too...