CBS announced today that Stephen Colbert will replace David Letterman as host of "Late Night" following the 32-year host's retirement around August of 2015, when his contract ends, Forbes reported.

With Letterman's last day over a year away (and his announcement just a week in the past), it seems maybe premature to anoint a successor at this point. But I suppose that's how it goes in the world of late night talkshows, especially when you have the chance to add a personality as talented as Colbert.

Still, signing someone over a year out represents something of a risk; anything can happen between now and next August. Even Colbert, a ratings-lock during his tenure as host of the "Colbert Report," had some bad press recently when the show's twitter account (not controlled by him) tweeted a questionably racist message. Many took offense to the mishap, even if it wasn't directly linked to the man whom they held responsible.

That tweet, however, will likely soon become a footnote in assessing Colbert's qualifications for Letterman's job. A bigger question will be how he transitions from his exaggerated right-wing persona to, as Forbes put it, more of "himself." Most likely, Colbert's "Late Night" personality won't be that much different. Even if he isn't exactly the personality he portrays on his show, he's most hilarious when he is. At the press conference, Colbert's quote gave some indication of how he'll tackle the "Late Night" gig.

"Simply being a guest on David Letterman's show has been a highlight of my career. I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead. I'm thrilled and grateful that CBS chose me. Now, if you'll excuse me, I have to go grind a gap in my front teeth."

Also, good article from the NY Times on the subject.