The 60 Minutes executive producer and news veteran announced the news on Thursday, The Hollywood Reporter confirms.

Fager, who took the chairman role in 2011, is not leaving CBS News but instead will return to 60 Minutes full time. In addition, he has extended his contract as EP through 2019.

“I would be remiss if I did not take this opportunity to express my profound admiration and gratitude to Jeff for the job he has done as chairman, as he, David Rhodes and the entire CBS News team have built and solidified the division’s longtime status as the finest news organization in the business,” said CBS president and CEO Leslie Moonves. “In Jeff and David we possess what has proven to be an unbeatable team, combining the wisdom, experience and proven creative track record of an industry leader with one of the most dynamic, exciting and seasoned young management voices in television news. We have come a long way under the leadership of that team. Now Jeff has convinced me that the time has arrived for the next step in the plan we implemented almost four years ago – for Jeff to return to an exclusive focus on a broadcast that defines the greatness of CBS, and for David to assume the sole leadership of CBS News.”

“When Leslie Moonves asked me to take the job of chairman, we agreed that when the time was right I would be able to return to 60 Minutes full-time,” said Fager.” I can’t imagine a better time for that than right now. So much about CBS News is going well, and I am extremely proud of where we have come in these four years.  Just in this past month, we reached new heights. Our election coverage was the best it has been in a long time. Face the Nation is celebrating 60 years on the air, and it as strong as it has ever been. Our new streaming news service, CBSN, is up and running after an exciting and successful launch. Every day, the people of this news organization are turning in the kind of high-quality reporting that is in keeping with our identity and heritage as the home of the best in broadcast journalism. I am confident that this record of achievement will only get better with David Rhodes, my friend and partner in all of this, continuing as president. I hired him almost four years ago with this moment in mind, and he has exceeded all expectations.”