The CBS Television Network has 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 five-year agreement between CBS and Colbert was announced by Leslie Moonves, president and CEO, CBS Corporation, and Nina Tassler, chairman of CBS Entertainment.

Letterman, the host of the CBS late night series for 21 years, announced his retirement on his April 3 broadcast. Colbert’s premiere date as host of The Late Show will be announced after Letterman determines a timetable for his final broadcasts in 2015.

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

“Simply being a guest on David Letterman’s show has been a highlight of my career,” said Colbert. “I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave’s lead.”

Adding, “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.”

Colbert has appeared on series such as HBO’s “Curb Your Enthusiasm” and NBC’s “Law & Order: Criminal Intent.”

He was also a cast member and writer on ABC’s “The Dana Carvey Show,” wrote for “Saturday Night Live” and voiced roles in DreamWorks’ animated films “Mr. Peabody and Sherman” and “Monsters vs. Aliens.”

The Late Show is broadcast weeknights on the CBS Television Network from 11:35 PM – 12:37 AM, ET/PT.

CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes content across an array of platforms to audiences around the world.