Bill Lee is out as CEO of Alchemy.
The abrupt departure means that COO Scott Guthrie and senior vp Kelly Summers are both being promoted and together will run the independent distributor, previously known as Millennium Entertainment.
The announcement was made Monday by Alchemy board chairman Jesse Watson.
“It has been a privilege to lead Alchemy and work alongside some of the best leaders in the business,” Lee said in a statement. “After many years with the company, it’s time to hand over the reins to a new team of talented executives. I look forward to working with the board and our team to ensure a smooth transition.”
In 2014, Lee and a group of investors, including Virgo Investment Group, orchestrated a management buyout from Avi Lerner’s Nu Image/Millennium Films. They later rebranded it Alchemy.
“We’re excited by Alchemy’s vision for serving the independent creative community with one-stop access to production services and all channels of distribution,” said Watson. “Scott and Kelly’s combined experience make them the perfect team to lead the next chapter of growth.”
Alchemy’s recent acquisitions include sci-fi comedy The Lobster and Italian dramedy Mia Madre, both of which screened at Cannes, as well as Armie Hammer crime drama Free Fire.
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