Jay Leno, NBC’s long time late night show star, will step down in the spring of 2014 to make way for Jimmy Fallon.

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

“I’m really excited to host a show that starts today instead of tomorrow,” Fallon said, adding his own comedic touch.

The 62-years young Jay Leno has been hosting NBC’s late night shows since 1992.  Recently, NBC’s restructuring efforts ended with Leno agreeing to a 50 percent pay cut, which is still a hefty sum considering his salary was still somewhere in the range of $15 million.

Currently, Fallon’s 12:35 A.M. slot is still up for grab as NBC has yet to announce a replacement for Fallon at that time.