However, Taymor will remain on the creative team for the musical, which has experienced a number of difficulties including alleged safety violations.
In a statement, producers Michael Cohl and Jeremiah J. Harris said: "Julie Taymor is not leaving the creative team. Her vision has been at the heart of this production since its inception and will continue to be so.
"Julie's previous commitments mean that past March 15, she cannot work the 24/7 necessary to make the changes in the production in order to be ready for our opening."
The producers also confirmed a new director, Philip William McKinley, who is best known for working with Hugh Jackman on The Boy From Oz.
The statement added: "We cannot exaggerate how technically difficult it is to make such changes to a show of this complexity, so it's with great pride that we announce that Phil McKinley is joining the creative team."
The opening night of the musical, which was originally expected to premiere on March 15, has also been moved to early summer.