Neil Cavuto, the first anchor hired by Fox News in 1996, is leaving the network, another victim of cost-cutting in the TV news business.

Cavuto, 66, will make his final appearance on the network Thursday on “Your World,” his long-running daily business-oriented show. His current contract expires at the end of the month.

Cavuto decided to leave the company after being offered a lower salary in a new contract, according to people familiar with the matter who were not authorized to speak about it publicly.

“Neil Cavuto’s illustrious career has been a masterclass in journalism and we are extremely proud of his 28 years at Fox News Media,” the company said in a statement confirming the anchor’s departure. “His programs have defined business news and set standards across the industry.”

Big-name anchors across the TV news business are being asked to pay lower salaries as ratings and revenue decline. Hoda Kotb of NBC’s “Today” and Chris Wallace of CNN both chose to leave their roles rather than sign new contracts with lower pay.

Cavuto hosted 12 hours per week on Fox News and its sister channel Fox Business Network, where he also served as managing editor. He was a popular figure among colleagues.

Cavuto is one of the few Fox News hosts who frequently criticized President-elect Donald Trump, which didn’t always sit well with conservative viewers who make up much of the network’s audience.

The host had a sense of humor about the audience’s love-hate relationship with him. When he returned from one of his long absences due to illness, he read messages from viewers who were disappointed that he was back.

Throughout his career, Cavuto has struggled with a number of health issues over the years. He suffers from multiple sclerosis, underwent open heart surgery in 2016 and is a cancer survivor.

He was the original anchor at CNBC when it launched in 1989. He developed a bond with Roger Ailes when he ran the NBCUniversal-owned business news network and followed the executive to Fox News when it launched in 1996.

Cavuto became the main host of the Fox Business Network when it launched in 2007. In addition to his daily and weekend shows on Fox News, he hosted the network’s midday show “Cavuto: Coast to Coast.”

No successor has been named for Cavuto, whose programs will continue. A permanent replacement is likely to come from within the network.

Cavuto served as moderator of the second Republican primary debate in 2015, which attracted the largest audience in Fox Business Network history.