Avi Arad Steps Down as Head of Marvel Film Studio
Dateline: Thursday, June 1, 2006

By: KARL SCHNEIDER
By: News Editor
Source: Various Sources

Avi Arad has resigned as chairman and CEO of Marvel Studios and chief creative officer of parent company Marvel Entertainment. Upon stepping down, Arad created his own company, Avi Arad Prods., which will be charged with producing HULK and IRON MAN.

Essentially, very little will change with regards to the production of Marvel’s upcoming slate of films. A noncompete clause will stop Arad from producing anything about superheros and probably anything even fantasy or science fiction related. Arad will no longer deal with the day-to-day corporate responsibilities and will instead focus on producing movies via his new company. Arad will be paid with a percentage of the box office from the films his company produces.

Arad will remain a creative adviser to Marvel Studios for the remainder of this year. Arad also remains Marvel’s designated producer for any future movies based on SPIDER-MAN.

“Spider-Man is the crown jewel. I would never let go of that,” Arad said.

In talking about the switch, Arad also commented on various upcoming Marvel films, saying that a director would be named for HULK within 40 days.

“This time, we’ll make it the Marvel way,” Arad said of HULK.

Taking Arad’s old position at Marvel Studios will be Michael Helfant (chief operations officer) and Kevin Feige (president of production).