Seth Meyers is set to replace Jimmy Fallon as the host of Late Night once the former host moves takes over Jay Leno’s job on The Tonight Show in 2014, NBC president Bob Greenblatt formally announced Sunday.

"We think Seth is one of the brightest, most insightful comedy writers and performers of his generation," Greenblatt said in a statement. "His years at SNL's ‘Weekend Update' desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the Late Night franchise. On behalf of Steve Burke, Ted Harbert and Paul Telegdy, we couldn't be happier that Seth and Jimmy Fallon will be continuing their careers at NBC after growing up in this network's late night legacy."

Meyers is a Saturday Night Live veteran, having been apart of the improve comedy show for a total of 12 season. For seven of those seasons, he’s capably helmed the legendary Weekend Update desk. The comic, who’s also appeared in multiple films, including New Years Eve and Nick and Norah’s Infinite Playlist, is honored to have landed the hosting job.

"I only have to work for Lorne [Michaels] for five more years before I pay him back for the time I totaled his car," Meyers said in a statement. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."

Michaels, executive producer of Saturday Night Live and Late Night, is confident in his choice of Meyers. "Since 1982, there have been three Late Night hosts starting with David Letterman, and Seth couldn't be in better company," he said in compliment.

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