Elizabeth Vargas Leaving ABC News After Two Decades

The anchor will leave once the 40th season of '20/20' wraps in May to "pursue new ventures."

ABC News announced on Friday that longtime 20/20 co-anchor Elizabeth Vargas will leave the network in May, when the 40th season of the show concludes.

ABC News president James Goldston said that Vargas is leaving "to pursue new ventures."

"From co-anchor of World News Tonight to news anchor for GMA, Elizabeth has served in many key roles here and won nearly every award in broadcasting along the way," Goldston said in his memo to staff. "But we were most proud of her courage and grace in telling her own story about her struggle with anxiety and alcoholism. Her best-selling memoir has helped so many people by raising awareness about the importance of finding treatment for millions who are still struggling. She continues to be an inspiration for us all."

Vargas addressed her departure in a note to her "20/20 family" that was provided to The Hollywood Reporter.

"I am incredibly lucky to work alongside the very best in the business: the producers, editors, writers on this show, and the enormous team working every week to get our show on the air," she wrote. "I am so very proud of the stories we have told together."

Vargas has co-anchored 20/20 for the last 14 years. Her tenure at the network includes stints as co-anchor of World News Tonight; anchor of World News Tonight Sunday; news anchor and frequent co-host on Good Morning America; correspondent for 20/20 and Primetime Thursday; and co-anchor of Primetime Monday.

In her memo, Vargas hinted that the timing of the announcement was not what she preferred. "I am sorry only to have to share this news with you as we celebrate the holidays," she wrote. "I had hoped to make this announcement after the first of the year."