Late Show David LettermanDavid Letterman will read his final Top 10 list on his last "Late Show" on May 20, 2015, CBS announced today.

The veteran late night show is stepping away from his desk, the blue cue cards, and the banter with Paul Schaffer after a record 32 years. Letterman has been a fixture on the late night scene since the days of Johnny Carson on "The Tonight Show." He hosted "Late Night" on NBC for 11 years, but switched to CBS when he was passed over to take over for his mentor by Jay Leno.

That move sparked a feud between Letterman and Leno that lasted for two decades. But now Leno is gone, and Letterman is the elder statesman among late night show hosts. His rivals are now younger men - Jimmy Fallon on "The Tonight Show," Jimmy Kimmel on ABC, and Conan O'Brien on TBS.

Letterman announced his retirement last spring, and a week later, Comedy Central's Stephen Colbert was tapped to replace him. The date of Colbert's first show is still unknown.

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