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.

The cable TV pioneer lauded WBD's "incredible progress," outlook for "profitable growth" and CEO David Zaslav for "his powerful combination of operational excellence and decisive leadership."

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.