One of Hollywood’s most popular figures, veteran actor Paul Newman, said it is time he gave up acting citing his lack of "confidence" in his acting skills.

While most actors step down without saying a word, Newman found the strength to make a discreet appearance on ABC’s show Good Morning America and announce his retirement.

"I'm not able to work anymore as an actor and still at the level that I would want to. I'm just, you know, you start to lose your memory, you start to lose your confidence, you start to lose your invention. So I think that's pretty much a closed book for me," the 82-year-old actor who starred in over 50 movies, said.

"I'm grateful for the other things that have come into my life," he added.

Throughout his career, Newman made his name in acting as well as directing, gathering nine Academy Award nominations and one Oscar, and also became known in the world of philanthropy, founding a food company and a restaurant.

His Newman’s Own food range, which started by making salad dressings and slipped to producing lemonade, pasta sauce and popcorn, has all its profits after paying the taxes, donated to charity.

Fellow Hollywood octegenarians were reportedly horrified at Newmans decision, "Its a complete betrayal," said former friend Robert Redford.

"I had the full lift and hair transplant 20 years ago and I just assumed he would follow suit when he was ready, I even saved one of my spare tires for him so he could have his cheekbones restructured."