The host of the CBS news program 'Face the Nation' has finally retired after 24 years on air.

Bob Schieffer moderated his last broadcast on Sunday, which was celebrated by several colleagues. John Dickerson, who will be the show's new anchorman, applauded the 74-year-old as well.

Schieffer has been the host of the program for 24 years. He has also hosted the summer and weekend edition of CBS Evening News from 1973 until 2005. When Dan Rather retired, he took over the Evening News for a year before handing over the position to Katie Couric.

The TV journalist first joined CBS in 1969. He had a brief two-year stint doing the CBS Sunday Night News until 1974, and contributed to '60 Minutes' from 1973 to 1996. In 1982, he became the Chief Washington correspondent for CBS News, a job that continues until today.

In his 46 years with CBS, the 'Face the Nation' host has won several Emmy Awards and was named 2002 Broadcaster of the Year by the National Press Foundation. He also received the Paul White Award from the Radio Television Digital News Association in 2003.

Schieffer announced his retirement during a speech at the Texas Christian University in April this year. On his final broadcast, he bid farewell to his fans with a touching speech as well.

"When I was a young reporter, I wanted to work for CBS because Walter Cronkite was my hero, and I got a chance to do that," the anchor said. "And after I was here a while, I wanted to be the moderator of 'Face the Nation' and I got to do that, and did it for 24 years. Maybe it's because I just love the news, but at the time I thought every job I ever had was the best job in the world."

Dickerson will host 'Face the Nation' starting June 7, 2015.