The CBS Television Network today 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 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.

Colbert has hosted "The Colbert Report" on Comedy Central since 2005 and has received 27 Emmy nominations. 

Moonves says, "Stephen Colbert is one of the most inventive and respected forced on television." 

He also said that Colbert will not portray his Comedy Central character when he hosts "The Late Show."

Earlier this month, David Letterman announced his plans to retire some time in 2015. Letterman was host of the program for more than two decades. 

Letterman made the announcement during a taping of his show that aired April 3. 

Letterman's exit, and Colbert's entrance is the latest in a recent shuffling of the late night landscape that also saw the departure of Letterman's longtime "Tonight Show" rival Jay Leno from NBC earlier this year.