New role for CBS News chairman Jeff Fager

Jeff Fager, the executive producer of "60 Minutes" for the past eleven years and the chairman of CBS News for the past four years, is returning to "60" full-time, and the chairman position is being retired.

CBS announced the leadership transition on Thursday. David Rhodes, who became the president of CBS News at the same time Fager became chairman, will remain president.

Fager said of Rhodes, "I hired him almost four years ago with this moment in mind, and he has exceeded all expectations."

Once Fager's move takes effect at the end of the year, Rhodes will report directly to CBS Corporation CEO Les Moonves.

In an internal memo, Moonves said it was Fager's decision to "return exclusively to the crucial job of making '60 Minutes' the finest newsmagazine in the history of broadcasting."

Moonves added, "It is remarkable that he has been capable of excelling at both roles for so long, and I fully understand this action on his part."

Moonves tapped Fager to take over the news division in early 2011. That's when Fager, in turn, brought Rhodes on board. (Rhodes was previously the head of U.S. television at Bloomberg and, before that, a vice president at the Fox News Channel.)

"It is hard to believe that it has been four years since [CBS (CBS) Corporation CEO Les Moonves] asked me to take the job," Fager said in a separate memo. "But we agreed that when the time was right I would be able to return to 60 Minutes full time. I can't imagine a better time for that than right now."

CBS also announced a contract extension for Fager on Thursday: He'll be under contract to "60 Minutes" through early 2019.

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