CBS has selected Stephen Colbert to replace David Letterman as host of The Late Show upon Letterman's 2015 retirement.

Stephen Colbert Taking Over 'Late Show'

On Thursday, CBS released an official statement to announce Colbert as Letterman’s successor to the late night post.

“The CBS Television Network today announced that Stephen Colbert, the host, writer and executive producer of the Emmy and Peabody Award-winning The Colbert Report, will succeed David Letterman as the host of The Late Show, effective when Mr. Letterman retires from the broadcast,” the statement read. “The five-year agreement between CBS and Colbert was announced by Leslie Moonves, President and CEO, CBS Corporation, and Nina Tassler, Chairman of CBS Entertainment.”

“Colbert’s premiere date as host of the Late Show will be announced after Mr. Letterman determines a timetable for his final broadcasts in 2015,” the statement continued. “Specific creative elements, as well as the producers and the location for the Colbert-hosted Late Show, will be determined and announced at a later date.”

David Letterman Retires

Letterman revealed his plans to retire while taping his Thursday, April 3 show in New York City. “I said ‘Leslie, it’s been great, you’ve been great, and the network has been great, but I’m retiring,” Letterman told his studio audience.

For 33 years, Letterman has been a fixture in late night TV. He hosted NBC’s Late Night for 11 years, and then when he got passed over for The Tonight Show for Jay Leno, he shifted over to CBS and took over The Late Show. He’s been hosting the late night program for the last 22 years.

Colbert has hosted The Colbert Report on comedy Central since 2005. His current contract expires at the end of 2014. Others who were reportedly considered for the gig included Jon Stewart, Neil Patrick Harris and Tina Fey.

– Chelsea Regan