George Lucas is set to retire and has named Kathleen Kennedy as his successor.

Lucas will work with the Academy-award nominated producer during the transition. Lucas will then become co-chairman of the board of Lucasfilm and will continue as CEO.

“I’ve spent my life building Lucasfilm and as I shift my focus into other directions I wanted to make sure it was in the hands of someone equipped to carry my vision into the future,” said Lucas,

“It was important that my successor not only be someone with great creative passion and proven leadership abilities, but also someone who loves movies,” Lucas added. “I care deeply about my employees — it is their creativity and hard work that has made this company what it is today. As the company grows and expands I wanted to be sure the employees of Lucasfilm have a strong captain for the ship. I also care deeply about our fans and it was important to have someone who would carry on the passion and care that I’ve given the films over the years. So for me Kathy was the obvious choice, she is a trusted friend and one of the most respected producers and executives in the industry.”

Lucas friend and collaborator Steven Spielberg said, “George’s prescience is once again proven by his choice of my long time producing partner, Kathy Kennedy, to co-chair Lucasfilm. Kathy has been a member of both of our families going into a fourth decade so it does not feel like she is going to another galaxy far far away. She will get just as much support from me with Lucasfilm as George has given both of us all these years.”

“George is a true visionary,” said Kennedy. “I’ve seen him build Lucasfilm from a small rebel unit in Northern California to an international fully integrated entertainment company. I’m excited to have the chance to work with such an extraordinary group of talented people. George and I have talked about the enormous opportunities that lie ahead for the company, and as George moves towards retirement I am honored that he trusts me with taking care of the beloved film franchises. I feel fortunate to have George working with me for the next year or two as I take on this role–it is nice to have Yoda by your side.”