ABC Entertainment President Steve McPherson Resigns

And playing the role of Ben Silverman at this year's TCA Press Tour is Steve McPherson. The cantankerous ABC entertainment president resigned on Tuesday night with roughly 14 months left on his contract. ABC Family's Paul Lee is expected to take his place. Read McPherson's statement and the rumors of what led to his resignation after the jump.

I want to thank the wonderful team of individuals who have worked with me throughout my time [at ABC] and wish them nothing but the best. I will be announcing my future plans shortly which will include a new entrepreneurial venture in the spirits business. While I will continue with my ongoing wine business, I'll also reveal plans for my involvement in a new media company.

ABC has been hit starved in recent seasons, relying on old war horses like Grey's Anatomy, Desperate Housewives, Dancing with the Stars and the now-departed Lost to goose ratings. But with the exception of Modern Family, McPherson hadn't been able to find another zeitgeist capturing show. Rival executives cite that "performance failure" and McPherson's rocky relationship with Disney/ABC TV Group president Anne Sweeney as reasons for company-wide animosity. Said one insider to The Live Feed: "He saw the bus coming. [...] He wasn't in turmoil. He has not been happy [at ABC] for quite some time." And so he quit.

Expect much more on this story at the TCAs. Developing...

· CONFIRMED: ABC Family's Paul Lee Taking Over As President Of ABC Entertainment Group After Steve McPherson Resigns [Deadline]

· Paul Lee to Replace Steve McPherson at ABC [THR/The Live Feed]