Rich Ross has stepped down as chairman of Walt Disney Co.’s movie studios, EW has confirmed. Ross helmed the film studio for two years, overseeing one of Hollywood’s biggest flops, John Carter. “I have made the very difficult decision to step down as chairman of The Walt Disney Studios, effective today,” he said. Ross took the job in October 2009, after leading the Disney Channel to great success with projects like High School Musical.

Read his full statement below.