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.

Craig Melvin will become the co-anchor of NBC’s “Today” show beginning early next year, following the departure of Hoda Kotb. He will join Savannah Guthrie on Monday, January 13. Kotb’s final day on the morning show will be Friday,