RED founder Jim Jannard has announced he's retiring, saying that between his age and a few health issues "it is now time."

He also announced the that he would be shutting down the HYDROGEN project, ending a career that has included Oakley, RED Digital Cinema and HYDROGEN.

When the $1,295 Hydrogen One smartphone arrived late last year it brought some technology, like "4V" for its display and image capture that was innovative.

Previously, RED had announced plans to change the program and build a device to have wider appeal across pros and regular users. That's all done now, although the Hydrogen One will continue to receive software updates, and RED Digital Cinema is still operating with Jarred Land as its president.