Two days ago Summit Entertainment released a joint statement with the director of Twilight, Catherine Hardwicke, regarding her involvment in the sequel. To sum it up she will not be returning to helm the sequel New Moon.
Here is the official word:
I am sorry that due to timing I will not have the opportunity to direct New Moon,” said Hardwicke. “Directing Twilight has been one of the great experiences of my life, and I am grateful to the fans for their passionate support of the film. I wish everyone at Summit the best with the sequel– it is a great story.”
“Catherine did an incredible job in helping us to launch the Twilight franchise and we thank her for all of her efforts and we very much hope to work with her on future Summit projects,” said Erik Feig, Summit’s President of Production. “We as a studio have a mandate to bring the next installment in the franchise to the big screen in a timely fashion so that fans can get more of Edward, Bella and all of the characters that Stephenie Meyer has created. We are able to pursue an aggressive time frame as we have the luxury of only adapting the novels into screenplays as opposed to having to create a storyline from scratch.
Source: Rope of Silicon