CBS political analyst John Dickerson has been announced as the new host of Face the Nation, taking over from veteran broadcaster Bob Schieffer. The Chief Political Correspondent of Slate Magazine was announced as the new host on the show on Sunday after the 78-year-old announced he would be retiring last week. He is expected to make his first appearance this summer, ending Schieffer's 14-year reign as host of the long-running news program, and said he's 'honored and excited' by the new job. Dickerson worked for Time Magazine for 12 years, four of them as White House correspondent, and has written extensively about the 2008 presidential campaign, the Obama presidency and his second run at the White House in 2010. CBS political analyst John Dickerson (left) has been announced as the new host of Face the Nation, taking over from veteran broadcaster Bob Schieffer, who announced his retirement last week (right) Career: Schieffer began at the political affairs show 'Face the Nation' in 1991, asking direct questions to politicians in a Texas twang . Schieffer, who has worked for CBS since 1969, revealed he was stepping down last Wednesday. He was speaking during an annual symposium that bears his name at Texas Christian University's Schieffer School of Journalism in Fort Worth, his alma mater. 'It's been a great adventure,' Schieffer said at the college. 'You know, I'm one of the luckiest people in the world because as a little boy, as a young reporter, I always wanted to be a journalist, and I got to do that. 'And not many people get to do that, and I couldn't have asked for a better life or something that was more fun and more fulfilling.' Last Wednesday night, Schieffer tweeted 'Great talking journalism at @TCU tonight. Also really happy to be in my hometown, where it all started, to announce my retirement.' 'Breaking': Producers of the show announced the decision on Twitter on Sunday during the show . Background: Dickerson worked for Time Magazine for 12 years, four of them as White House correspondent, and has written extensively about the 2008 presential campaign, the Obama presidency and his second run at the White House in 2010 . Big reveal: CBS This Morning Anchor Gayle King said Schieffer's announcement 'stunned' Stay tuned: King also uploaded this shot of Schieffer to Instagram after the news broke . Tribute: CNN news anchor Jake Tapper called Schieffer a 'legend' Wednesday night . He will be missed: Matt Drudge also said he was 'sad to see' Schieffer retire . A former newspaper reporter at the Fort Worth Star-Telegram, Schieffer joined CBS News in 1969 and has been the network's chief Washington correspondent since 1992. He began at the political affairs show 'Face the Nation' in 1991, asking direct questions to politicians in a Texas twang. He had an unexpected career highlight starting in 2005, filling in as anchor of the 'CBS Evening News' following Dan Rather's exit for a year and a half until Katie Couric took over the role. His folksy style got good reviews, boosted ratings and healed morale at the news division following the network's discredited report on President George W. Bush's military service. Schieffer survived bladder cancer about a decade ago, a brush with mortality that was one factor in his 2008 announcement that he would retire with the inauguration of a new president in January 2009. That inauguration came and went and Schieffer stayed. He was enjoying the job too much. The death of NBC's Tim Russert, whose 'Meet the Press' led in the ratings for many years, opened Sunday morning to a tighter competition. 'Face the Nation' often led, and CBS responded by expanding the show to an hour. 'I know what you're thinking,' CBS News President David Rhodes said in a memo to his staff Tuesday. 'Bob's thought about retiring before, is he really retiring now? And of course with his long connection to CBS News we'd be happy to learn that he's not leaving now, or that he can be seen by our viewers in the future.' But Rhodes said Schieffer wanted to announce the end of his career where it all began. Rhodes called him 'an inspiration and a mentor to so many colleagues - and, frankly, to me.' CBS would not talk Tuesday about potential successors at 'Face the Nation.' Schieffer hasn't had a single substitute when he took time off; Charlie Rose, Norah O'Donnell, Major Garrett, John Dickerson and Nancy Cordes have all filled in at different times. His chief competitors are Chuck Todd at 'Meet the Press' and George Stephanopoulos at ABC's 'This Week.' Rhodes told Politico '[Schieffer] felt very strongly about doing this at TCU. He's been really deveoted to us, he's had such a long career here - but he's also made a huge investment in TCU. 'His wife is still on the board, his name is on both the journalism and the communications school. He and I have been talking about this for a long time.' CBS News quoted Schieffer as saying Wednesday 'We like any large organization we have had our ups and downs; we're on a high right now. 'Face the Nation,' I think, is better than it has ever been.' Issues: Schieffer survived bladder cancer about a decade ago, a brush with mortality that was one factor in his 2008 announcement that he would retire with the inauguration of a new president in January 2009 . Bob Schieffer, center, acknowledges applause from panelists P.J. O'Rourke, left, Holly Williams, second from left, Gayle King and Dan Balz, right, after announcing his retirement from CBS News at the close of the Schieffer Symposium on the News at TCU .
Dickerson was announced as replacement during show on Sunday .
Journalist is the Chief Political Correspondent for Slate magazine .
Revealed he is 'honored and excited' by the new job .
His veteran CBS colleague announced he was stepping down last week .
Texas native Schieffer has been host of the show since 1991 .