Flying without wings
The new foursome is to continue with a planned world tour in the absence of the 24-year-old, who wants to spend more time with his young family.
The band refused to compare McFadden's parting to that of Robbie Williams leaving Take That or Geri Halliwell breaking from the Spice Girls.
Adamant that Westlife would not suffer a similar fate, Shane Filan said: "We are not the Spice Girls, we are not Take That, we have defied the odds as a band.
"We have gone past our greatest hits, we have more number ones than most other bands."
Since emerging onto the pop scene five years ago, the band enjoyed a record- breaking 12 number one hits and sold 30 million records.
McFadden, meanwhile, described his former boy band mates as his four best friends and said his departure was nothing to do with them.
"I just feel it's the right time to concentrate on my family and being at home as much as I can," he said.
McFadden's wife Kerry and band mate Nicky Byrne's wife Georgina, the Taoiseach's daughter, stood together as the split was announced.
The father-of-two said it was difficult to juggle life with the band and his family.
"It's a huge commitment and to be honest for the last year, especially since Lily was born, I haven't been able to commit 100% to Westlife and I haven't been able to commit 100% to my family," he said.
"It wasn't fair on either and I just felt it was the right time for me to leave and concentrate on my family."
On future plans, McFadden rejected rumours he plans to work with his wife.
He said Kerry, the recent winner of I'm A Celebrity... Get Me Out Of Here! already had a successful TV career ahead of her.
"It's been on my mind for about six months and me and the lads sat down and talked about it and reached this decision in the last few days," he added.
"The guys want me to be happy. My family are very important to me and they understand that. They respect my decision."
Speaking on behalf of the new foursome, Kian Egan told McFadden: "We have enjoyed some unbelievable times throughout the years and will always hold them and you very close to our hearts.
"We have shared laughter, tears, success, weddings and babies, but most of all we've shared our dreams."
He said that they understood his decision and wished him, Kerry and their daughters Molly, two, and one-year-old Lily, all the luck for the future.
There were tears as McFadden hugged Kian Egan, 23, Mark Feehily, 23, Nicky Byrne, 25, and Shane Filan, 24, before leaving the press conference.
The band insisted Westlife would continue.
"At this moment we just hope the fans stay with us, we need them now more than ever," said Nicky Byrne. "We need their support and so does Bryan."
Kian Egan, meanwhile, added: "We are very, very sad about Bryan's decision but we have to struggle on, you know. We have to get up to the top of that mountain no matter what anybody says.
"We have devoted our lives to this band ... and all we want to do is continue."
Gennaro Castaldo, of music retailer HMV, said: "Westlife are talented and big enough to sustain the loss of Bryan for the immediate future. All good things must come to an end, and if they do split at some point soon they will be leaving at the very top, having participated in one of the most successful chart acts ever."
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