Jon Favreau confirmed the news via his Twitter account that he won’t be returning to direct ‘Iron Man 3,’ Slashfilm.com is reporting. “It’s true, I’m directing ‘Magic Kingdom,’ not ‘Iron Man 3.’ I’ve had a great run with Marvel and wish them the best,’ Favreau tweeted.

The director, who’s also helmed such hits as ‘Swingers’ and ‘Elf,’ gave an interview to the Los Angeles Times to discuss his decision. Favreau dismissed the rumors that he backed out of the second ‘Iron Man’ sequel because the film suffered from a lack of cohesiveness or money. He said the main reason he left the series was because he wanted to find another movie that will “blow people away, which is easier to do with a project that isn’t loaded with built-in expectations.”

“I am happy that I had the opportunity to establish the world that these characters can now play in,” Favreau also said. He added that the first two ‘Iron Man’ movies have given him “tremendous opportunities.”

Written by: Karen Benardello