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.

As announced on a Thursday morning Today segment, Melvin will officially take over for Hoda Kotb on Monday, January 13, 2025 (alongside Savannah Guthrie) following Kotb’s last day on Friday, January 10.

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.