March 12, 2015 1:51 PM EDT

Star Wars Episode VIII, the second installment in the iconic film’s latest trilogy, will hit theaters May 26, 2017, 40 years and one day after the release of the first ever Star Wars film.

Star Wars Episode VIII will be written and directed by Rian Johnson, known for his work on the sci-fi classic Looper.

Disney chairman and CEO Bob Iger shared the news about the next Star Wars film at a meeting with shareholders on Thursday, where he also shared details of another project. In December 2016, Disney will release a standalone film that explores the characters of Star Wars titled Rogue One.

There’s already a lot of star power behind the upcoming spinoff, which will be directed by Gareth Edwards of Godzilla fame and star Academy Award nominee Felicity Jones.

Read next: You’ll Want to Read These Star Wars Books Before the New Movies Come Out

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