The Washington Post announced to managing editors this morning that Katharine Weymouth, 41, will become publisher of the newspaper.

She moves into the job held by Donald Graham’s longtime friend Boisfeuillet (Bo) Jones Jr. Jones, who has held the title of copublisher with Graham, will move up to vice president of the Washington Post Company.

The Post also announced that it was consolidating printing operations by closing its plant in College Park, Maryland, an implicit acknowledgment of declining circulation.

Sources at the Post also said a round of buyouts is imminent. The paper is expected to offer buyouts to staff members over the age of 50. It is looking to reduce its staff by 60 employees.

Weymouth’s rise signifies a shift in leadership to a new generation in the Graham family. She is the daughter of Don Graham’s sister, Lally. An attorney who is well liked in the newsroom, Weymouth has held a number of positions at the newspaper, most recently head of advertising sales.

The succession to Weymouth keeps the newspaper in the family but leaves open the future leadership of the Washington Post Company, which now derives more than half of its revenues from its educational arm, Kaplan Inc.