Just a week after David Letterman announced his retirement as host of The Late Show, a title he held for 21 years, CBS made the decision to pass the show on to witty satirist Stephen Colbert. Colbert has impressive credentials, as he has been the host, writer and executive producer of the Emmy and Peabody Award-winning show The Colbert Report for the last eight years.

The departure of a legendary talk-show host like David Letterman leaves a huge, difficult to fill hole in late night television. Despite the giant shoes Colbert will be filling in 2015 both he and CBS seem confident in the transition, mutually agreeing on signing a five-year contract. This contract speaks volumes about the respect the CBS network has for Colbert and his ability to carry on where Letterman leaves off.

After the announcing the change coming to CBS, Leslie Moonves President and CEO of CBS Corporation, praised Colbert as the perfect man to uphold the standards set by Letterman. “Stephen Colbert is one of the most inventive and respected forces on television,” said Moonves. “David Letterman’s legacy and accomplishments are an incredible source of pride for all of us here, and today’s announcement speaks to our commitment of upholding what he established for CBS in late night.”

Although CBS is clearly interested in honoring the accomplishments of Letterman, it is also clear the The Late Show will be moving in a new direction. Nina Tassler, Chairman of CBS Entertainment clarified exactly what makes Colbert such and ideal replacement in a statement made earlier in the fall. “Stephen is a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought-provoking conversation, humor and innovation with everything he touches,” said Tassler. ”He is a presence on every stage, with interests and notable accomplishments across a wide spectrum of entertainment, politics, publishing and music. We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night.”

The critics of this decision, although a small group, are quite vocal. The main concern is that after spending such a long time playing a dramatized overly conservative version of himself on The Colbert Report, the incumbent Late Show host will not be able to separate himself from his former character. Some are worried that he simply won’t be funny when he is out of character.

These concerns are balanced by the overwhelming faith and support Colbert has received from his fellow comedians and talk-show hosts. The loudest of them is Jon Stewart, who has been singing praises of his long time friend since it was announced that he would replace Letterman.

The general consensus in the comedy world is that Colbert is the right man for the job and will soon be the next big name in late night comedy.