Pixar and Walt Disney President Ed Catmull will retire from his current position by the end of this year.
According to The Hollywood Reporter, Catmull will continue to serve as the adviser through July 2019 before formally retiring.
Catmull who founded Pixar animation along with Steve Jobs and John Lasseter gave some of the greatest hits including 'Frozen', 'Toy Story' and 'Incredibles 2'.
The 73-year-old, in a statement announcing his retirement said, "Never in my wildest imagination could I have conceived of the path or the extraordinary people I have worked with over all of these years - the twists and turns, the ups and downs, along with exhilarating passion, talent, and dedication that have led to something extraordinary, something that has an enduring impact in the world."
Catmull was named the President of Walt Disney Animation and Pixar Animations after Disney took over the studio for $7.4 billion in 2006.
"From the request of George Lucas to bring technology to the film industry, to the vision of Steve Jobs, and the extraordinary freedom provided by [Disney executives] Bob Iger, Alan Horn, and Alan Bergman, we continue to dream of stories and ways of making those stories that always surprise. I have the mixed emotions that come with stepping away from a group of people I love, but also with the utmost pride and pleasure that we now have at both Pixar and Disney Animation the most dedicated and imaginative leaders I have worked with," he added.
Pixar president Jim Morris and Walt Disney Animation Studios president Andrew Millstein will be overseeing the operations at their respective studios.
They will be reporting to Walt Disney Studios president, as Disney is yet to announce Catmull's successor.