Are you ready for LIVE with Kelly and Ryan? On Monday, Kelly Ripa officially named Ryan Seacrest her co-host on LIVE one year after Michael Strahan vacated the position. As he walked out on to the set with Kelly, they hugged and he said, "I'm so happy. I'm so excited."

Kelly first teased that a big announcement was coming on Sunday before sharing the news bright and early Monday morning. May 1 happens to be an important day for Kelly — it's also her wedding anniversary to Mark Consuelos.

Ryan lands in the hot seat after a year of fill-in co-hosts ranging from actors to Anderson Cooper to Andy Cohen. “Ryan is a quintessential broadcaster and at the top of his game,” Kelly said, according to Deadline. “I am thrilled to start my mornings with him every day, and we are so fortunate at Live to have him join the family. Ryan is a close friend and his star shines as brightly off camera as it does on. His tremendous success is only matched by his impeccable reputation. Plainly said, everyone loves him, and so will our daily viewers.”

The new co-hosts also spoke about their new arrangement in interviews with the New York Times, where they gushed about each other. “It’s making sure the show is in the right hands — one day, eventually, I’m sure of it, I will retire,” she said. “And Ryan Seacrest, who is a seamless broadcaster and a kind human being, is the one who can take this show into the future.”

The former American Idol host added, “She is so smooth and seamless and wonderfully clever and quick — she’s part of people’s lives, in their living rooms — and I want to come in as a friend of hers and as a friend to the audience."