04/04/2011 at 08:00 AM EDT
Katie Couric is saying goodnight to the CBS Evening News
The former co-host of NBC's Today
show took over CBS's news anchor's chair from Dan Rather five years ago. Her contract is set to expire June 4.
Rather than continue with the news, Couric, 54, plans to launch a syndicated talk show in 2012 for an as-yet-unknown network, reports New York's Daily News
Couric has been the highest-paid anchor on network TV, with a contract worth $15 million a year. She has generally been critically praised – particularly for her revealing 2008 interview of Sarah Palin.
Still, she failed to grow a large audience, with her newscast trailing NBC's (with Brian Williams) and ABC's (with Diane Sawyer) in the ratings.