In mid-December, director of the first two Iron Man movies, Jon Favreau, announced he would not be returning for the third installation of the power-suit superhero movie. Marvel has quietly been searching for a new director, and as of now, Kiss Kiss Bang Bang director Shane Black seems to be leading the pack.
Aside from Bang Bang, Black is known for having written action classics Lethal Weapon and The Last Boy Scout. He is also friends with Iron Man star Robert Downey Jr.
Iron Man 3 is currently without a script, and shooting is not set to begin until 2012, but having a director attached would certainly streamline the development process.