Pharoah, who joined the show in 2010, has proven his impression chops (See: Jay-Z, Denzel Washington), and has certainly shown he can pull off the Commander in Chief, so it should come as no surprise that he's been bumped up.
"Jay has been doing Obama in his act this summer, and Jay is coming into his own," SNL executive producer Lorne Michaels tells the New York Times, who first reported the news. "I just thought it might be time to shake it up."
The announcement comes on the heels of the news that Jason Sudeikis will be returning to NBC's sketch comedy show. Sudeikis is well-known for playing both Mitt Romney and Vice President Joe Biden.
As for Armisen, Michaels said he'll still have a big role to play this season, calling him "the backbone of the show now."
Should Sudeikis play Romney or Biden (or both)? Who would you cast as Paul Ryan and the political wives?