Although Leno is still the most-watched late-night television host, NBC is making the move because the network thinks Fallon will do better with younger viewers in the years to come.

“We are purposefully making this change when Jay is No. 1, just as Jay replaced Johnny Carson when he was No. 1,” said NBC Universal Chief Executive Steve Burke. “Jimmy Fallon is a unique talent and this is his time.”

This is not the first time NBC has announced a plan to replace Leno. In 2009, NBC put Conan O’Brien in as host of The Tonight Show only to see ratings decline. Leno quickly was reinstated as host of the franchise. O’Brien has a talk show on Turner Broadcasting (TBS). The network just extended his contract to 2015.

In a statement Leno said, “I hope you’re [Fallon] as lucky as me and hold on to the job until you’re the old guy. If you need me, I’ll be at the garage.”

Photos via Slate.com