Regis Philbin didn't give up his gig on Live with Regis and Kelly because he's ready for a quiet life out of the spotlight--it was solely because of money.
Regis quit after the suits at Live told him they were going to cut his salary as soon as his current contract expired. And let's just say that didn't sit well with Reg.
According to TMZ, ABC told Reg they were going to cut his salary, which is reportedly $18-20 mil, way down partly because the show wasn't performing as well as it used to and partly because he takes a lot of time off.
Reg was apparently so pissed off about it he immediately announced his retirement. Talk about action reaction!