According to Variety it seems that Stephen Chow will not be directing The Green Hornet for Columbia Pictures.
The director/actor will still play Kato in the film and is said to have pulled out as a director over "creative differences." Currently a new director is being sought as the script goes through a final rewrite.
The Green Hornet was written by Seth Rogen and Evan Goldberg, with Rogen playing the title character.