Actors (L to R) Joel Kinnaman, Margot Robbie and John Cena join director James Gunn (in dark suit) at the Los Angeles premiere of 'The Suicide Squad' on August 2, 2021
Actors (L to R) Joel Kinnaman, Margot Robbie and John Cena join director James Gunn (in dark suit) at the Los Angeles premiere of 'The Suicide Squad' on August 2, 2021 GETTY IMAGES NORTH AMERICA / KEVIN WINTER

Filmmaker James Gunn and producer Peter Safran will jointly lead DC Studios, the company announced on Tuesday. The new division at Warner Bros. will replace DC Films and is the latest in a series of shakeups at the company.

Gunn and Safran will each have the title of co-CEO and co-chairman.

Gunn directed Marvel's "Guardians of the Galaxy" and its sequels, along with DC's "The Suicide Squad." Safran was a producer on "The Suicide Squad" and "Aquaman" and its upcoming sequel "Aqua Man and the Lost Kingdom," which will be released in 2023.

Gunn currently has a net worth of $50 million. Gunn and Safran will formally start four-year contracts on Nov. 1.

"We're honored to be the stewards of these DC characters we've loved since we were children," Gunn and Safran said in a statement. "Our commitment to Superman, Batman, Wonder Woman, Aquaman, Harley Quinn, and the rest of the DC stable of characters is only equaled by our commitment to the wonder of human possibility these characters represent."

Gunn is under contract with DC's longtime rival, Marvel. He directed "Guardians of the Galaxy Vol.3," the third installment of the franchise.

In July 2018, Gunn was fired by Marvel owner Disney over a series of offensive tweets made by the director. He was rehired in 2019 to direct the last film in the "Guardians" trilogy.

DC has released a string of poorly reviewed superhero films. Most recently, Dwayne Johnson's "Black Adam" got bad reviews but made $67 million in its domestic debut, the first film since July to top $50 million. In August, Warner Bros. axed its anticipated "Batgirl" movie in post-production and will not be releasing it on any platform for financial reasons.

The Warner Bros logo is seen during the annual MIPCOM television programme market in Cannes, France, October 14, 2019.
The Warner Bros logo is seen during the annual MIPCOM television programme market in Cannes, France, October 14, 2019. Reuters / ERIC GAILLARD

Warner Brothers Entertainment bought DC Comics in 1969. Warner Bros. announced layoffs in early October following its merger with Discovery Inc.

Warn Bros. has reportedly planned to slash costs by $3 billion as it prepares to combine HBO Max with the Discovery Network. The cuts were announced on Oct. 12, with Warner Bros. laying off 26 percent of its workforce, about 125 people.