Well butter me up and call me greasy this is unexpected news, Jon Favreau, the director of Iron Man and Iron Man 2, will not return to helm Iron Man 3 according to Vulture:

”One informed source hears that he was frustrated with Marvel’s urge to stuff more of their in-house heroes into the next film in the wake of The Avengers. In a recent interview with MTV News, Favreau explained that based on his conversations with Marvel Studios executives, he had no clarity as to what a third Iron Man film would even be about. “In theory, Iron Man 3 is going to be a sequel or continuation of Thor, Hulk, Captain America and Avengers,” said Favreau at the time, “This whole world … I have no idea what it is. I don’t think they do either, from conversations I’ve had with those guys.”

Favreau’s apparent frustrations with Marvel’s intentions for the sequel, isn’t the only speculated reason for his departure:

”Still other industry insiders look at Favreau’s growing price tag and speculate that he was getting too expensive for the frugal Marvel and its equally cost-conscious parent company, Disney.”

Iron Man 3 comes to cinemas May 3rd, 2013. Following Thor, Captain America: The First Avenger, and The Avengers. *UPDATE – JON FAVREAU MAKES IT OFFICIAL VIA TWITTER*