Legendary Entertainment latest news: Thomas Tull exits Hollywood studio company; Wanda installs interim CEO

Thomas Tull, the founder and chief executive of Legendary Entertainment, has recently stepped down from his position in the Hollywood studio company.

The firm released a statement to Reuters on Thursday, sharing the information about Tull's resignation from the Hollywood studio company. His resignation occurred a year after Legendary Entertainment was bought by Chinese conglomerate Dalian Wanda in a high-profile deal worth $3.5 billion.

In the statement, Legendary said that although Tull had "resigned," he would continue on in the company with his role as "founding Chairman." However, the film and TV studio company did not give a reason for his departure.

According to The Hollywood Reporter, sources claim that Wanda had become frustrated with Tull's management and recent projects, such as "The Great Wall" and the upcoming movie "Pacific Rim 2," which is currently filming.

With Tull's exit, Jack Gao, Wanda's CEO and senior vice president for international investments and operations, will be stepping in as the leader of Legendary for the time being until a suitable full-time CEO has been selected. Mary Parent, the studio's head of production, is reportedly staying in the company and is guaranteed full financial backing in her projects.

"We are thankful to Thomas for his founding vision of Legendary as well as his commitment, leadership and partnership this past year. He will forever be part of the company's already rich legacy and powerful DNA," Gao said in a statement.

"As we move forward, Wanda aims to transform Legendary into a next generation studio of the future with a far-reaching creative and global platform. We look forward to working with the creative team to manage our already viable film slate with more to come in the near future," he continued.

Legendary, initially began as a financing vehicle, having invested in films such as Warner Bros.' "The Dark Knight" and the "Hangover" film franchise. It became an independent studio based at Universal in 2013 before it was eventually sold to Wanda.

Among Legendary's large projects include "Godzilla," "Pacific Rim," "Jurassic World," and "Warcraft."