Rick Moranis, Cameron Diaz and Lindsay Lohan among stars who left fame behind before returning to Hollywood

is stepping back into the spotlight after decades away from Hollywood, joining a growing list of stars who left fame behind and later returned.

The 71-year-old actor is taking on his first live-action part in nearly 30 years after walking away from the entertainment industry at the height of his career following a family tragedy.

Now, Moranis is reprising his role as Lord Dark Helmet in "Spaceballs: The New One," the long-awaited sequel to Mel Brooks' 1987 cult classic science-fiction comedy movie "Spaceballs."

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In July, Moranis made a rare public appearance to promote the sequel at San Diego Comic-Con, where he received a standing ovation when he appeared on stage wearing his character's signature massive black helmet. Moranis participated in a panel discussion alongside co-stars Daphne Zuniga, , Keke Palmer and Lewis Pullman as well as director Josh Greenbaum and screenwriters Benji Samit and Dan Hernandez.

Zuniga is reprising her role as Princess Vespa while other original stars who returned for the sequel include George Wyner as Colonel Sandurz, Bill Pullman as Lone Starr and Brooks as Yogurt.

During the panel, Moranis revealed what finally brought him back in front of the camera after his decades-long hiatus.

"This came along right at the right time, and I started talking to these folks and hearing who was going to be in it," Moranis said, via People. "I spoke to Josh Greenbaum and I heard that Bill Pullman was coming back and that Lewis was going to be in it too, and it just felt like this is it. Its time and — yes. I said yes, and it is the best decision Ive ever made."

Moranis became one of Hollywood's most recognizable comedy stars in the 1980s and 1990s after starring in a string of hit movies including "Spaceballs," "Ghostbusters," "Little Shop of Horrors," "Honey, I Shrunk the Kids," "Parenthood," "My Blue Heaven" and "The Flintstones."

However, after his wife, costume designer Ann Belsky, died in 1991 following a battle with , Moranis stepped away from show business to focus on raising their two children, daughter Rachel and son Mitchell. He last appeared on-screen in 1997's "Honey, We Shrunk Ourselves," the third installment in the "Honey, I Shrunk the Kids" movie series.

During a 2015 interview with the Hollywood Reporter, Moranis reflected on his decision to prioritize his family over his career.

"I was working with really interesting people, wonderful people," he said. "I went from that to being at home with a couple of little kids, which is a very different lifestyle. But it was important to me. I have absolutely no regrets whatsoever. My life is wonderful."

Moranis also clarified that he had not officially retired from acting, telling the outlet, "I took a break, which turned into a longer break."

"But Im interested in anything that I would find interesting," he continued. "I still get the occasional query about a film or television role and as soon as one comes along that piques my interest, I'll probably do it."

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"Im happy with the things I said yes to, and Im very ha