February 10, 2015 8:09 PM EST

Brian Williams has been suspended from NBC for six months without pay.

The network released a statement Tuesday saying that the Nightly News anchor has been suspended as managing editor and anchor effective immediately, and Lester Holt will continue to substitute for him.

Williams has been the subject of controversy after it became clear that he had told a false account of coming under enemy fire in Iraq in 2003. The statement called his remarks “wrong and completely inappropriate”:

In December, Williams signed a five-year contract with NBC worth $10 million a year, according to the New York Times.

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Write to Tessa Berenson at tessa.berenson@time.com.

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