After weeks of rumors and speculation, it’s official: Jimmy Fallon will replace Jay Leno on The Tonight Show in 2014. Even though Leno still heads the most-watched late-night television program, NBC is making the switch because it believes Fallon will fare better with younger viewers in the future.

Steve Burke, Chief Executive Officer of NBCUniversal said “Jay Leno is an entertainment icon, making millions of people laugh every weeknight for more than 20 years.” Burke added, “[Leno’s] long reign as the highest-rated late-night host is a testament to his work ethic and dedication to his viewers and to NBC. We are purposefully making this change when Jay is #1, just as Jay replaced Johnny Carson when he was #1.”

As for his replacement, Burke said, “Jimmy Fallon is a unique talent and this is his time. I’m thrilled he will become the sixth host of ‘The Tonight Show’ at exactly the right moment, in conjunction with our coverage of next year’s Winter Olympic Games from Sochi, Russia.”

Leno is happy for Fallon. “Congratulations Jimmy,” Leno said. “I hope you’re as lucky as me and hold on to the job until you’re the old guy. If you need me, I’ll be at the garage.”

Fallon; “I’m really excited to host a show that starts today instead of tomorrow.”