The trio will no longer perform but will take on backstage, creative roles.
Three replacements have already been chosen to join Anthony Field (Blue Wiggle), who helped found the group in 1991. Since then, the group has earned worldwide renown with dozens of pop-influenced children's albums, concert tours and a television show featuring singing, jumping, dancing and skits with recurring characters like Wags the Dog and Henry the Octopus.
The demands of touring and performing have taken their toll, and the three departing members want to spend more time with their families, Cook said.
"We've been entertaining children around the world for 21 years and it's important that we plan for the future so that The Wiggles can keep wiggling in the years to come," Cook said in the statement.