New Regency CEO Brad Weston Exits (Exclusive)

Courtesy of Twentieth Century Fox

New leadership hasn't been set, but company owner Arnon Milchan's son Yariv will play a role.

One of Hollywood's most high-flying production and finance companies is undergoing a shakeup just weeks after two of its films squared off at the Oscars.

New Regency Productions, the prolific film and television outlet that backed The Revenant and The Big Short, has parted ways with its CEO Brad Weston. Arnon Milchan, the billionaire Israeli businessman and Regency's reclusive owner, has not yet unveiled new leadership, but his son Yariv Milchan will play a leadership role, as will president of production Pamela Abdy and COO Jonathan Fisher. The move is said to be a mutual decision.

"I appreciate Brad's contribution to New Regency over the last four and a half years," Milchan says in a statement to The Hollywood Reporter. "And I wish him nothing but the best going forward. I am very committed to New Regency's growth and will continue to invest in its future."

The switch-up is a surprise considering Regency has been on a roll lately. The company, launched in 1991 by the former Israeli arms dealer, has backed best picture Oscar winners 12 Years a Slave and Birdman, and both Revenant and Big Short scored Oscars in February (though they lost out on best picture to Spotlight) and did well at the box office. Regency has emerged in recent years as a key backer of auteur-driven films, willing to invest well over $100 million in Alejandro G. Inarritu's vision for Revenant, for instance. The company has a first-look deal at Fox but has backed movies at several studios. Big Short was released by Paramount, for instance.

Weston came to New Regency in 2011 after stepping down from his post as president of production at Paramount. He previously ran Dimension Films for Bob and Harvey Weinstein.

"I thank Arnon for this great opportunity. This is a natural and easy evolution for me," Weston said in a statement. "I am excited to see what the future holds."

Yariv Milchan isn't a newcomer to Hollywood. He has worked as a cameraman on David Blaine magic specials and has been advising his father in an informal role at New Regency.

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