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Lady Gaga (right) invites LATE SHOW surprise guest Bill Murray (left), David Letterman (center) and the entire LATE SHOW audience over to the Roseland Ballroom for a special performance, which will be broadcast on the LATE SHOW with DAVID LETTERMAN tonight, Wednesday April 2, 2014 on the CBS Television Network.
It’s official: David Letterman will hang up his “Late Show” hat next year.

According to TVLine, R.E.M. bassist Mike Mills on Twitter ahead of tonight’s show, writing, “Dave just announced his retirement #2015.”

Letterman has hosted the CBS late night program for the past two decades, following his departure from NBC’s “Late Night,” where he held his perch for 11 seasons.

In a statement from his rep (via Vulture), he explained calling up CBS President and CEO Leslie Moonves with the news.

"And I phoned just before the program, and I said, 'Leslie, it's been great, you've been great, and the network has been great, but I'm retiring."

The TV icon’s reign isn’t over just yet, as he is contracted well into next year.

"We don't have the timetable for this precisely down -- 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 and I will be wrapping up," he told the crowd.

His show is currently paired with Craig Ferguson’s “Late Late Show,” but it’s too early to tell who will take his spot when he retires.

Letterman held on to the show long enough that he has outlasted his frenemy Jay Leno, who left the “Tonight Show” to Jimmy Fallon ahead of the Winter Olympics in Sochi.

Are you shocked that David Letterman is leaving the “Late Show”? Sound off on this important news in the comments!