Sources confirm that Jon Favreau will not direct Iron Man 3. But why? Vulture broke the news and they speculate: A) Creative differences: Favreau is “frustrated with Marvel’s urge to stuff more of their in-house heroes into the next film in the wake of The Avengers.” B) Financial reasons: Favreau is said to have made $10 million for the Iron Man 2 and a hefty raise would likely be necessary to keep him on board. C) A mix of both A & B. Vulture goes on to say that a source close to “Marvel’s playbook” think that “the company had been pushing a confusing and packed vision of the third film as a tactic to provoke Favreau into leaving the project.” Whatever the reason, Favreau is out and apparently he left the team under amicable terms. Shortly after this news hit the web he tweeted, “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.” Marvel is currently in the process of finding a new helmer, and it’s worthy to note that star Robert Downey Jr. has contractual approval over the director of the film so he’ll have a hand in the decision. Iron Man 3 is still on track for a May 3, 2013. Favreau is putting the final touches on Cowboys and Aliens and he’s still signed on as a producer for The Avengers.