The band made the announcement Thursday on their Tumblr page in a post titled "The Future," writing:
"After a lot of thought, introspection and discussion, Coheed and Cambria will be continuing our journey without bassist Michael Todd. We have spoken to him and this is a mutual decision between both parties," their statement reads. "Michael was a great contributor; our hearts go out to his family and to all those who appreciate his talents. We wish him nothing but the very best."
A spokesperson for the band could not be reached for comment by press time.
Todd was arrested on July 10, just hours before Coheed were set to play a show at the Comcast Center in Mansfield, Massachusetts, after he allegedly walked into a Walgreens pharmacy and told an employee he had a bomb. According to police, Todd demanded to be given the painkiller Oxycontin, and fled the scene in a cab, with six bottles of the drug. He was charged with armed robbery and possession of a class B controlled substance. Coheed played that night's show — and subsequent dates — with multi-instrumentalist Wes Styles replacing Todd on bass.
Todd was arraigned on July 11, and his bond was set at $25,000 cash. He posted bail on July 25, and is due back in court on August 9.
Coheed wrote in their statement that they were "currently writing and recording songs for a new album," and concluded by telling fans "a new chapter awaits."