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April 10, 2014 AT 1:20 PM
Stephen Colbert will succeed David Letterman as host of "The Late Show," CBS announced Thursday, one week after Letterman told his audience that he would retire sometime in 2015. CBS said Colbert had signed a five-year contract to helm the iconic late-night broadcast. Colbert, 49, has been the host of Comedy Central's "The Colbert Report" since 2005. Will Colbert remain in his Comedy Central character? No. Colbert told Bill Carter of The New York Times, "I won't be doing the new show in character, so we'll all get to find out how much of him was me. I'm looking forward to it."