Legendary Entertainment CEO Thomas Tull resigning

Chairman and CEO of Legendary Entertainment Thomas Tull is reportedly leaving the media company under pressure from its Chinese owner.

According to Hollywood Life, the 43-year-old former financial-industry executive, who sold the company to China's Dalian Wanda Group in early 2016, had been retained as CEO, but sources say Wanda became frustrated with his management and recent projects such as 'The Great Wall' and the currently shooting 'Pacific Rim 2'.

A dramatic shift for Wanda group, the deal helped transformed Wang Jianlin, its chairman and China's richest man, into a major entertainment power player considering he also owns AMC cinemas and Dick Clark Productions.

With Tull out, Wanda's CEO Jack Gao will lead Legendary while it seeks a full-time CEO.

"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.

Mary Parent, the studio's head of production, is said to be staying on and will receive the full financial backing of the company.

According to a statement from Legendary, Tull will turn his focus to his Tull Investment Group, while retaining the title of founding chairman, and remaining a stakeholder in Legendary.