Source: Hollywood Reporter

Fresh off his successful turn as producer of "X-Men: The Last Stand," which enjoyed one of the biggest opening weekends in boxoffice history, Avi Arad has stepped down as head of Marvel Entertainment's film studio to run his own production company, says The Hollywood Reporter.

Arad resigned as chairman and CEO of Marvel Studios and chief creative officer of parent company Marvel Entertainment and created Avi Arad Prods., he said Wednesday. His new company has been charged with producing "Hulk" and "Iron Man," the first two films under Marvel's $525 million debt facility arranged eight months ago through Merrill Lynch and Pierce, Fenner & Smith.