Charles Gibson Charles Gibson

Charles Gibson announced Wednesday that he will stop anchoring ABC's World News Tonight at the end of the year.

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"Diane Sawyer is the right person to succeed Charlie and build on what he has accomplished," ABC News President David Westin said in a statement. "She has an outstanding and varied career in television journalism, beginning with her role as a State Department correspondent and continuing at 60 Minutes, Primetime Live, and most recently Good Morning America."

Westin said Gibson's decision to retire came after several weeks of discussion, during which Gibson persuaded him it was the best move for the veteran newsman. "I respect his decision, just as I respect the enormous contribution he has made to ABC News through the years," Westin said.

Gibson talks to TVGuide.com about his report on the oil industry