Jenna Bush Hager will succeed Kathie Lee Gifford on "Today" in the spring.
Hager announced the news alongside Gifford and Kotb during Tuesday's episode of "Today."
"Jenna Bush Hager has been filling in on this show for years," Kotb said. "Here at NBC and around the country, Jenna is loved."
"I can't believe it," Hager said. "It feels humbling and I can't believe it."
She had nothing but praise for Gifford, who has co-hosted the fourth hour with Kotb since 2008.
"Obviously you have been such a role model and so generous with your time," Hager told Gifford.
Hager joined NBC as a "Today" correspondent in 2009. Gifford announced plans in December to leave "Today," calling her impending exit "bittersweet."
"I've been in this business 120 years and I've never worked with a more beautiful group of people," she said on the show.
"You're just so special, Hoda. Thank you so much."