Exact anomalous dimensions of {cal N}=4 Yang-Mills operators with large R charge

In a {\cal N}=1 superspace formulation of {\cal N}=4 Yang-Mills theory we obtain the anomalous dimensions of chiral operators with large R charge J \to \infty keeping g^2 N/J^2 finite, to all orders of perturbation theory in the planar limit. Our result proves the conjecture that the anomalous dimensions are indeed finite in the above limit. This amounts to an exact check of the proposed duality between a sector of {\cal N}=4 Yang-Mills theory with large R charge J and string theory in a pp-wave background.