We study the effects of pressure anisotropy and heat dissipation in a spherically symmetric radiating star undergoing gravitational collapse. An exact solution of the Einstein field equations is presented in which the model has a Friedmann-like limit when the heat flux vanishes. The behavior of the temperature profile of the evolving star is investigated within the framework of causal thermodynamics. In particular, we show that there are significant differences between the relaxation time for the heat flux and the relaxation time for the shear stress.