Jay Leno to Exit 'Tonight Show,' Jimmy Fallon in the Wings

It's the end of an era.

Ending weeks of speculation, NBC confirmed today that after 22 years, Jay Leno will step down as the host of "The Tonight Show With Jay Leno" next spring. Jimmy Fallon, now the star of "Late Night With Jimmy Fallon," will take over shortly thereafter.

"Congratulations, Jimmy. I hope you're as lucky as me and hold on to the job until you're an old guy," Leno, 62, said. "If you need me, I'll be at the garage."

Joked Fallon, 38: "I'm really excited to host a show that starts today instead of tomorrow."

Another perk for Fallon? He won't have to move cross-country, as production of 59-year-old "The Tonight Show" will move from Los Angeles to its original home at 30 Rock in New York City.

"Jimmy Fallon is a unique talent and this is his time," NBCUniversal CEO Steve Burke said. "I'm thrilled he will become the sixth host of 'The Tonight Show.'"