LATimes is reporting that director Stephen Sommers will not be returning to make G.I. Joe: Revenge of Cobra. It's not surprising since the stress Paramount got over the expensive experiment. There had been rumors/rumblings from studio insiders the film had been flagged as a disaster during edits. The film ended up a horrible mess but still earned $300 million worldwide even though critics/fan loathed it.
With Sommers' exit I doubt they would replace him with anyone that could do worse. Paramount has potential to make a very exciting sequel with a script written by Hollywood darlings Rhett Rheese and Paul Wernick (Zombieland 1-2, Deadpool, Venom). I hope the studio reaches out to up and coming directors that could really develop this fun cartoony world into a solid franchise.