CBS News is entering into a "new era."
O'Donnell will head to "CBS Evening News" this summer, becoming the show's anchor and managing editor. She will also be the lead anchor for political events for CBS and continue her role at "60 minutes."
"It has been almost an entirely male-dominated program, a male-dominated time slot since the dawn of television. It's a big moment to have Norah O'Donnell taking over the 'CBS Evening News,'" Brian Stelter, anchor of CNN's "Reliable Sources," told Inside Edition.
O'Donnell has co-hosted "This Morning" since 2012.
Dickerson will become a reporter for "60 Minutes" and contribute to election coverage.
CBS News president Susan Zirinsky announced the changes Monday.
"This is a start of a new era for CBS News," Zirinsky said in a statement. "Our job is to reveal America to itself through original reporting, strong investigative journalism and powerful political coverage."
O'Donnell and Dickerson will be replaced on "This Morning" by Anthony Mason and Tony Dokoupil.
"Anthony Mason is an exceptional journalist who over his three decades at CBS News has interviewed everyone from presidents to legendary artists and has tapped into some of the most important stories in the world. Tony Dokoupil is a brilliant writer with a passion for delivering stories that matter. This new role will give Tony a platform to continue his standout reporting," Zirinsky said of the coming co-hosts.
She said King has the ability to make the show "relevant, relatable and the place you must start your day." Zirinsky described King as a compassionate storyteller, game-changing interviewer and an authentic person.
"We're incredibly excited to have this dynamic team together each morning," Zirinsky added.