Arad resigns from Marvel Studios, but will still produce films

Marvel Enterprises has announced that Avi Arad has resigned as chairman and CEO of Marvel Studios, Chief Creative Officer of Marvel and a member of the board of directors.

However, he will continue to independently produce films for Marvel through his own company, Avi Arad Productions. He'll serve as creative adviser for Marvel through the end of this year.

Arad had been chairman and CEO of Marvel Studios since October 1998, and a director of the company since 1993.

"I have helped to build Marvel into a very special company, and on the heels of the tremendous success of X-Men: The Last Stand, I felt like it was the right time for me to move away from the day to day corporate responsibilities in order to focus on what I love best -- creating and producing," Arad said in the press release. "I am leaving behind a great team to run the studio, and I expect to remain actively involved in the development and production of many Marvel films in the years to come."

With Arad gone, Michael Helfant, president and COO, and Kevin Feige, president of production, will head Marvel Studios.

Marvel plans a webcast at 9 a.m. Eastern to discuss the changes.