Jimmy Fallon, "Saturday Night Live" veteran, was officially named Conan O'Brien's successor Monday. He is set to the become to host of NBC's "Late Night" as O'Brien moves on to supplant Jay Leno as host of "The Tonight Show." According to Reuters, the much-anticipated announcement was made at a press conference from NBC headquarters in New York, where "Late Night" is taped. Since 2004, when NBC announced that Leno would retire in 2009, to be replaced by O'Brien, a talent shuffle ensued for the "Late Night" slot, but Fallon was always considered a front-runner. Fallon, 33, starred on "Saturday Night Live" for six seasons, most memorably as co-host of the "Weekend Update" skit. He left the program to focus on films like "Taxi" and "Fever Pitch." His switch to the "Late Night" time slot comes as part of a development deal he signed with NBC in 2007. According to Reuters, O'Brien, 45, is also a "Saturday Night Live" vet. He worked as a writer on the show before becoming the host of "Late Night" following David Lettermen's departure to go head to head with Jay Leno in the earlier time slot.