Cable TV pioneer John Malone is not seeking re-election to the board of Warner Bros Discovery and will instead take on the role of chairman emeritus, the media company said on Friday.

John Malone, the cable-TV and media pioneer, is stepping down from his role as a member of the board of directors at Warner Bros. Discovery Inc., but he’ll continue to be involved as chair emeritus.

Media billionaire John Malone is exiting his seat on Warner Bros. Discovery’s board of directors and will become chair emeritus. The company said Friday in an SEC filing that Malone notified the board on Tuesday that he did not intend to stand for re-election at WBD’s next annual shareholder meeting.