Stephen Colbert is replacing David Letterman as CBS' late-night host.
CBS announced Thursday that "The Colbert Report" host will replace Letterman when he retires next year. Colbert is signed for five years.
Letterman has hosted "Late Show with David Letterman" since 1993. He turns 67 Saturday.
Colbert says in a statement: "I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead."
Comedy Central's Emmy-winning "The Colbert Report" has been a hit since its launch in 2005.
Just last week, Letterman announced his plans to retire in 2015.
In a statement posted on CBS.com, CBS Chairman and CEO Les Moonves said "Stephen Colbert is one of the most inventive and respected forces on television in a statement Thursday. David Letterman's legacy and accomplishments are an incredible source of pride for all of us here, and today's announcement speaks to our commitment of upholding what he established for CBS in late night."