CBS announced on Thursday that Stephen Colbert will succeed David Letterman as host of 'The Late Show.'

'I'm thrilled and grateful that CBS chose me," Colbert said in a statement. "Now, if you'll excuse me, I have to go grind a gap in my front teeth."

The news comes just one week after Letterman announced he would be retiring from The Late Show in 2014. He hosted the show for 22 years.

Stephen Colbert, who hosts his own late night satirical show, 'The Colbert Report' on Comedy Central, first left 'The Daily Show' in 2005 to host his spin-off series.

While Colbert was accused of racism in recent weeks, and a #CancelColbert hashtag trended on Twitter, the show has previously proven to be a success. Colbert was named one of Time's Most Influential People in 2006 and in 2012. His book, "I Am America (And So Can You)" was a New York Times best-seller.

"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."