Stephen Colbert has been chosen to replace David Letterman on The Late Show, CBS said in a statement Thursday.

Colbert is currently the host of The Colbert Report. He will take over when Letterman retires next year.

“Simply being a guest on David Letterman’s show has been a highlight of my career,” Colbert said in a statement.

“I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave’s lead. I’m thrilled and grateful that CBS chose me. Now, if you’ll excuse me, I have to go grind a gap in my front teeth.”

A specific date for the handover has not yet been set. However, Colbert will host for at least five years, CBS said.

“Stephen Colbert is one of the most inventive and respected forces on television,” said Leslie Moonves, president and CEO of CBS.

“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.”

A date for Colbert’s takeover will be determined once Letterman decides when he will leave. The location and producers of the new The Late Show have also not been set.

Nina Tassler, chairman of CBS Entertainment, praised Colbert’s stint at The Colbert Report, where he won four Emmys and two Peabody awards.

“Stephen is a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought-provoking conversation, humor and innovation with everything he touches,” said Tassler.

“He is a presence on every stage, with interests and notable accomplishments across a wide spectrum of entertainment, politics, publishing and music. We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night.”

Do you agree with the choice? Who would you have picked? Let us know in the comments.