Veteran NBC host and news anchor Craig Melvin has been tapped to replace Hoda Kotb as co-host of the 7 a.m. to 9 a.m. hours of “Today.”

Craig Melvin, 45, will be taking over for “Today” anchor Hoda Kotb when she steps down. The move will give him a big salary bump, as Us Weekly reports that he’ll make about $5 million to $6 million in his new role. He allegedly makes $3 million per year now.

Melvin, an NBC News veteran of almost 14 years, will take the anchor chair in January, a week before Hoda Kotb’s final appearance as co-host.