Walt Disney Pictures chairman Rich Ross has stepped down after the company incurred a loss of $200 million on mega-budgeted movie John Carter.

Mr. Ross, who served as the chairman for almost three years announced that he was no longer fit to be at the current position, reported the Ace Showbiz.

“For the last 15 years, I have had the opportunity to work with incredibly talented people on behalf of the world's best loved brand. But, the best people need to be in the right jobs, in roles they are passionate about, doing work that leverages the full range of their abilities,” Mr. Ross said in a statement.

“I no longer believe the chairman's role is the right professional fit for me. For that reason, I have made the very difficult decision to step down as chairman of The Walt Disney Studios, effective today,” he added.

Mr. Ross was named the Chairman of Disney in October 2009 with a mission to cut costs and develop new hits.

During his career as a chairman, he reportedly lost the confidence of the Disney's acclaimed producers, including Pirates of the Caribbean producer Jerry Bruckheimer. Back in 2011, Mr. Ross shut down Bruckheimer's big project The Lone Ranger due to budgetary issue.