05/12/2013 AT 05:00 PM EDT
will replace Jimmy Fallon
as the host of Late Night
"We think Seth is one of the brightest, most insightful comedy writers and performers of his generation. 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," NBC Entertainment Chairman Bob Greenblatt said Sunday.
The move will take place next year when Fallon takes over as the host of The Tonight Show
, replacing Jay Leno. That decision was announced in April
"Since 1982, there have been three Late Night
hosts starting with David Letterman, and Seth couldn't be in better company," executive producer of both Late Night
and Saturday Night Live
Lorne Michaels said in the press release from NBC.
And Meyers didn't waste any time before cracking a joke about his new gig: "I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," Meyers said. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."