Hoda Kotb has been officially chosen to replace Matt Lauer on NBC’s the Today show.

HODA KOTB’S PAY RAISE

The 53-year-old correspondent has been co-hosting the show’s fourth hour with Kathie Lee Gifford since 2008, and will now join Savannah Guthrie as co-host from 7 a.m. until 9 a.m. weekly. Kotb will also continue hosting alongside Gifford. “Today it’s 2018 and we’re kicking off the new year right because Hoda is officially the co-anchor of Today,” Guthrie said on the air.

Lauer was NBC’s highest-paid anchor, but with his exit, that honor falls to Megyn Kelly, who earns somewhere between $15 and $20 million annually. Before being fired following sexual misconduct allegations, Lauer received $20 million during his tenure as co-anchor, making his net-worth around $60 million. Currently, Kotb’s net-worth floats around $12 million, so she should see a big bump in pay with her promotion.

Kotb began her career as a newscasting assistant with CBS in Egypt, and then moved to New Orleans to be an anchor and reporter. She started at NBC News in 1998 as a correspondent for Dateline, and began hosting Today‘s fourth hour 10 years later.