Stephen Colbert to replace David Letterman on "Late Show"

CBS didn't waste too much time finding a new host for the "Late Show." Exactly a week after David Letterman announced his plans to retire, his successor has been named.

Stephen Colbert, the host, writer and executive producer of "The Colbert Report," will replace Letterman in 2015.

4/3/2014 Related Story: David Letterman Announces His Retirement from the Late Show

"Stephen Colbert is one of the most inventive and respected forces on television," CBS Chairman and CEO Les Moonves said 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."

The 49-year-old Colbert, who signed a five-year deal, said in a statement: "Simply being a guest on David Letterman's show has been a highlight of my career. 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."

The news will leave a big gap in the lineup at the Comedy Central, which has aired "The Colbert Report" since 2005.

Colbert's premiere date will be revealed after Letterman figures out a timetable for his final episodes. According to CBS, "Late Show" creative elements, as well as the producers and the location for the Colbert-hosted "Late Show" will be announced at a later date.