John Hockenberry: So you've had a bit of a succession crisis there at SNL, regarding the sitting President, that America-at-large has not experienced. 

Seth Meyers: That's true. 

JH: How does something like that happen, and how does somebody get told "You're no longer the President"?

SM: Well yeah, fortunately for us it wasn't a crisis. We had a situation where Fred had done it for, I guess, four years. I think he started doing it in 2007, maybe 2008.

JH: Fred Armisen? 

SM: Armisen, yeah. But over the course of the four years we...if Obama wins reelection, Fred is likely not going to be at the show for another four years. And so you try to find the time to sort of get people used to the new president on the show. Jay Pharoah is in his third year now, that's the sort of thing where, he's sort of learned the ropes of the show enough to pull it off and we really like his impression. And a lot's happening in Fred's life outside of SNL, including his show "Portlandia," which is one of the best shows on TV. So I think it was a time where Fred was sort of happy to pass it off, and incredibly gracious about it -- in all my time at the show, I've never seen somebody be more gracious about turning something over than Fred was with Jay. 

JH: But there's no impeachment proceeding, you know Lorne Michaels comes in, and --

SM: Looking back, I wish we'd done an impeachment of Fred (laughs).

JH: Oh, really?

SM: Yeah, you know, that would've been good for the next SNL book.