The 44 year-old news broadcaster will now earn around $3 million per year in her new job as the breakfast show's co-host.
Lara Spencer's career is on the way up.
The 44 year-old news broadcaster has been named the new co-host of 'Good Morning America'.
Spencer now joins Robin Roberts and George Stephanopoulos as one of the breakfast show's top presenters.
ABC News chief James Goldston told all of the staff the news in a memo on Friday (April 18th).
"A key member of our on-air team, Lara Spencer, rejoined ABC three years ago - bringing her style, humor, sunny confidence, wonderful journalism, and storytelling to GMA," Goldston wrote in a memo.
"Lara is clearly an essential ingredient in the success we have enjoyed, and I am so pleased to announce that Lara has been elevated to co-host of the program along with Robin and George," he continued.
Spencer, who joined the show in 2011 as the 'GMA's' lifestyle anchor, also gets a substantial pay rise and will now earn about $3 million a year, sources told NY Daily News.
Goldston's memo also referred to Robin as "the captain" of the news panel and "the heart of GMA," and praised George for contributing "a work ethic that's unmatched."
"I remain in awe of the entire staff at GMA," Goldston added. "I could not be more excited and honored to work with this stellar team. Your dedication and passion are unmatched and I look forward to reaching great new heights alongside all of you."
This isn't the only big change in the 'GMA' line-up, earlier this week Michael Strahan made his debut as a part-time contributor for the show after he announced he would be joining the 'GMA' team on April 2nd.
This followed the news of Josh Elliot, who featured on the morning show since 2011, walking out on the show to work for their arch rivals NBC on March 31st. Amy Robach was announced as the replacement for the departed Elliot, shortly after he left.
Lara Spencer is the newest 'GMA' co-host