Elizabeth Vargas tells Oprah about her decision

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After discussing the situation with her husband and her supervisors at the network, Elizabeth announced on the air her decision to step down as anchor of ABC's World News Tonight—a job she worked 20 years to attain.

"It was a very difficult, excruciating decision, and I still have a lot of doubt and anguish over whether it was the right decision," she says. "I believe it was, but it was so hard to walk away from that."

Elizabeth says her stint as network news anchor introduced an even greater degree of difficulty to being a working mother. "When news breaks anywhere in the world, you have to hop on a plane and go there. I love that, but I felt like, 'How am I going to do that with a newborn infant? It was hard for me getting to Chicago with my breast pump and all my breast milk bottles. How am I going to go to the Middle East the next time something happens?'"

Since the birth of her second child, Elizabeth has returned to ABC News, anchoring the weekly newsmagazine 20/20. She says the nature of a weekly show, rather than a nightly show, is better for her and her family. "The difference in anchoring 20/20 is that I have a lot more flexibility. I can sort of call my own shots a tad more. With World News Tonight you're out the door at 8 a.m. and back in at 8 p.m., and that's non-negotiable. ... It's an intensely demanding job."