Brace yourselves fans: Jon Favreau has announced that he won't be directing Iron Man 3. The reasons why are unknown (too busy? Problems with Marvel? Not enough money?), but regardless it's a done deal and Favreau has informed Marvel of his decision, forcing them to quickly begin searching for a new director in order to bring them up to speed so that they're ready to deliver the third installment by its May 3, 2013 release date.