Elizabeth Vargas, Co-Anchor '20/20'

May 18, 2004 -- Elizabeth Vargas has been named co-anchor of ABCNEWS' 20/20, it was announced today by David Westin, president of ABCNEWS.

She will join John Stossel as co-anchor of the broadcast in fall 2004. Vargas has been anchoring World News Tonight Sunday since November 2003 and has been a frequent substitute anchor of World News Tonight with Peter Jennings and Good Morning America,as well as a correspondent for 20/20 and Primetime Thursday and a co-anchor of Primetime Monday.

Barbara Walters will continue to anchor 20/20 through September 2004. After September, Walters will remain an active member of the news division and the network, hosting at least five prime-time specials a year, including special editions of 20/20, as well as executive producing and co-hosting The View.

"Whether anchoring breaking news, interviewing newsmakers or reporting in-depth on complex subjects, during her eight years at ABCNEWS, Elizabeth has shown her considerable skill, intelligence and versatility as a broadcast journalist," said Westin. "No one can ever replace Barbara Walters, but Elizabeth will help guide 20/20 in new and exciting directions."

"20/20 has been appointment television for me and for millions of viewers for a quarter century," said Vargas. "Barbara Walters has been an essential part of that success, and I owe her a tremendous debt of gratitude for her advice and generosity over the years. I am delighted to move into this new role and join John and one of the most talented and dedicated groups of producers and correspondents in broadcast journalism."

"When I made my announcement in January asking to leave 20/20 I never would have decided to enter this new phase in my work if I didn't believe in the strength of the franchise," said Walters. "Elizabeth Vargas is a wonderful choice. I've always been happy to have her pieces on 20/20 and now we are delighted that she will be on the broadcast full time.