By Joe Flint 

Veteran CBS Washington reporter and host of the Sunday news magazine "Face the Nation" Bob Schieffer is retiring this summer after more than 40 years with the network.

Mr. Schieffer, 78 years old, announced his retirement Wednesday evening at Texas Christian University in Fort Worth, which named its College of Communication after the correspondent--a graduate of the school.

The silver-haired Mr. Schieffer has held several key posts for CBS since joining in 1969, including Chief Washington Correspondent for the past 33 years and host of "Face the Nation" for 24 years. Mr. Schieffer also anchored the "Evening News" for CBS from March 2005 through April 2006 after Dan Rather left. Ratings improved during Mr. Schieffer's stint at the anchor desk.

CBS News President David Rhodes said the network would detail in the coming months its plans to replace Mr. Schieffer.

Write to Joe Flint at joe.flint@wsj.com

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