NBC Entertainment Chairman Bob Greenblatt announced this weekend that Seth Meyers will become the host of Late Night next year, replacing current host Jimmy Fallon. Meyers is currently the head writer for Saturday Night Live. Lorne Michaels, the producer of Saturday Night Live, will also be signing on as the executive producer of Late Night with Seth Meyers.

“We think Seth is one of the brightest, most insightful comedy writers and performers of his generation,” said Greenblatt. “His years at SNL’s ‘Weekend Update’ desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the ‘Late Night’ franchise. On behalf of Steve Burke, Ted Harbert and Paul Telegdy, we couldn’t be happier that Seth and Jimmy Fallon will be continuing their careers at NBC after growing up in this network’s late night legacy.”

Fallon took over Late Night hosting duties from Conan O’Brien in 2009. Next year he will be moving to take Jay Leno’s place on The Tonight Show following the 2014 Winter Olympics.

“I only have to work for Lorne for five more years before I pay him back for the time I totaled his car,” said Meyers, “12:30 on NBC has long been incredible real estate. I hope I can do it justice.”