Both the Hollywood Reporter and Brian Michael Bendis (via Twitter) have announced that Terrance Howard, who played the James Rhodes in last May’s Iron Man is being replaced by Don Cheadle due to “financial considerations and other differences” for the sequel.

I honestly can’t stand when characters are recast for sequels. And you know what Terrance Howard was a fucking awesome James Rhodes.

Iron Man 2 is currently in development and is slated to hit theaters May 7, 2010.