CBS announced Tuesday that veteran "Early Show" anchors Harry Smith and Maggie Rodriguez will be leaving the program to be replaced by new hosts Erica Hill and Chris Wragge -- co-anchors of the Saturday edition of the morning program.

Weather anchor Dave Price will be replaced by Marysol Castro, 34, formerly of ABC's Good Morning America weekend edition

The new team led by Hill, 34, and Wragge, 40, take the helm January 3 in an effort to improve the show's ratings, which have been trailing the competition.

"'The Early Show' is an important element of CBS News," Sean McManus, president of CBS News and Sport said in a statement.

"This new team brings vibrancy, intelligence and warmth that I think America will grow to love," he added.

The three departing anchors will remain with CBS.

Smith, 59, will serve as a substitute anchor on "CBS Evening News," "Face the Nation" and "Sunday Morning."

The network is discussing ongoing roles for Rodriguez, 40, and Price, 44.