Morgan Creek taps Rick Nicita

Will be co-chairman with James G. Robinson

Veteran agent and longtime CAA partner Rick Nicita is trading the agency world for the executive world, becoming the new co-head of Morgan Creek Prods.

Nicita joins the company's founder James G. Robinson as co-chairman, and they will run the company together.

Robinson will continue as CEO of the company, with Nicita serving as COO. Nicita takes up his new post Aug. 15.

At CAA, Nicita ran the careers of such A-listers as Tom Cruise, Kevin Costner and Al Pacino. Nicita and Robinson have been conducting conversations for several months, and Nicita made the announcement Tuesday morning at a large staff meeting.

At Morgan Creek, Nicita will take on the task of turning the once-fledgling production company, which develops and finances its own movies, around after a protracted slump. The company, which had hits ranging from 1988's "Young Guns" to 1994's "Ace Ventura: Pet Detective," hasn't been much of a player in recent years with films such as 2007's "Georgia Rule" and 2005's "Two for the Money."

Nicita's trajectory slightly mirrors that of his wife, Paula Wagner, who left the agency biz to become Cruise's producing partner and now, with Cruise, is attempting to turn around the fortunes of United Artists.