David Letterman will end his run with The Late Show in 2015. The legendary late night television host since 1993 announced the news on Thursday night's episode.

"It will be, I think, at least a year or so, but sometime in the not too distant future, 2015 for the love of God, in fact, Paul and I will be wrapping things up and taking a hike," Letterman said, referring to his longtime band leader Paul Shaffer.

Letterman, who also thanked CBS, the staff and those who watched his show throughout the years, received a standing ovation from the audience.

Leslie Roy Moonves, the chairman and CEO of CBS, released a statement thanking Letterman for his years on the network and also praised him.

"There is only one David Letterman," Moonves said. "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."

The announcement comes weeks after his rival, Jay Leno, retired from NBC's The Tonight Show and was replaced by Jimmy Fallon.

Many celebrities took to Twitter to respond to Letterman's retirement news, including President Barack Obama and several other famous hosts.