Watch him announce that he's stepping down

David Letterman is hanging up his suits as the king of the US chat show.

He announced that he would be retiring from CBS’s The Late Show next year as he taped tonight’s episode.

‘We don’t have the timetable for this precisely down,’ he told the audience at the Ed Sullivan Theatre in New York. ‘I think it will be at least a year or so, but sometime in the not too distant future – 2015 for the love of God, in fact – Paul [Shaffer, his band leader] and I will be wrapping things up.

‘The man who owns this network, Leslie Moonves, he and I have had a relationship for years and years and years, and we have had this conversation in the past, and we agreed that we would work together on this circumstance and the timing of this circumstance.

‘I phoned him just before the programmed and I said, “Leslie, it’s been great, you’ve been great, and the network has been great, but I’m retiring.”’

His decision comes less than two months after longtime rival Jay Leno retired from NBC’s top-ranked Tonight Show, now hosted by Jimmy Fallon.

Letterman usually takes the second slot in the ratings, ahead of Jimmy Kimmel on ABC, but Kimmel is a bigger hit with younger viewers.

Former comic Letterman has been a chat show host for 32 years. He was thought to be the forerunner for The Tonight Show after Johnny Carson retired in 1992, but the job went to Leno, so Letterman defected to CBS.

In a statement, Moonves, chairman and chief executive of the CBS Corporation, said: ‘When Dave decided on a one-year extension for his most recent contract, we knew this day was getting closer, but that doesn’t make the moment any less poignant for us.

‘For 21 years, David Letterman has graced our network's air in late night with wit, gravitas and brilliance unique in the history of our medium. During that time, Dave has given television audiences thousands of hours of comedic entertainment, the sharpest interviews in late night, and brilliant moments of candor and perspective around national events. 

‘He's also managed to keep many celebrities, politicians and executives on their toes – including me.

‘There is only one David Letterman. His greatness will always be remembered here, and he will certainly sit among the pantheon of this business.

‘On a personal note, it's been a privilege to get to know Dave and to enjoy a terrific relationship. It's going to be tough to say goodbye. Fortunately, we won't have to do that for another year or so. Until then, we look forward to celebrating Dave's remarkable show and incredible talents.’

Letterman is 66 and in 2000 took a hiatus from the show after he underwent quintuple bypass heart surgery.

Here is Letterman's announcement tonight:

Published: 3 Apr 2014