CBS News chairman Jeff Fager and president David Rhodes made the appointment.
Rice, who served under President George W. Bush as national security advisor from 2001 to 2005 and secretary of state from 2005 to 2009, is expected to comment regularly on national and international issues.
Since leaving The White House, Rice has worked as a professor of political economy and political science at Stanford University. She is one of several members of the Bush administration to go into television news. Former deputy chief of staff Karl Rove just renewed his contract with Fox News through 2016.
Do you think Rice will make a good on-air contributor?