“Your support over the last five seasons has really meant the world to us,” the actress said.
Only three current cast members will remain with the Freeform series.
The romantic dramedy is set to premiere in August on Freeform.
She will oversee unscripted, alternative content and scripted programming.
Banks signed on to host the reality competition series in March 2017.
Dungey has held the position since 2016.