The actor – who plays police informant Vincent Hubbard in the BBC soap – and show bosses came to a mutual decision it was time for him to go.
An EastEnders spokesman confirmed the news in a statement, saying: “We can confirm that Richard will be leaving EastEnders this spring.
"Richard has been a great addition to the show and we wish him all the best for the future.”
In a statement about leaving the show, Richard said it was the "right time" to go.
“I have loved every minute of my time at EastEnders and although I will be sad to say goodbye, after three years it feels the right time to leave," he said.
"I have been truly blessed with some great storylines since the moment I joined but when I was presented with my last story I knew it was time for Vincent to depart Walford."
"I’m now excited about what the future holds, I have a feature film out this year, I will be returning to theatre and also some great presenting TV gigs," he added to the Mirror.
Viewers have watched as Richard's character Vincent has been put through hell in recent months.
After becoming entangled with gangster Aidan Maguire's heist scheme, it was revealed that Vincent had been partially responsible for Aidan's brother's death.
In return, Aidan threatened Vincent's daughter Pearl and took his beloved bar The Albert from him.
He has also been blighted with financial problems, and hasn't helped matters by hiding them from his wife Kim.
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