Bill Lee, the chief executive of indie movie distributor Alchemy, has stepped down from his job at the company he bought with a team of investors last year.
Lee's abrupt departure Monday comes less than a year after the Los Angeles-based company changed its name to Alchemy from Millennium Entertainment.
Alchemy will now be led by insiders Kelly Summers and Scott Guthrie, who will serve as co-presidents, the company said in a statement. Lee will continue as an adviser to the firm's board and as an investor.
"After many years with the company, it's time to hand over the reins to a new team of talented executives," Lee said in a statement.
A representative for Lee declined to comment.
In August 2014, Lee led a management team to acquire the business from producer Avi Lerner's Nu Image.
Alchemy's services include theatrical, home video, video on demand and television distribution, with titles including "Meet the Patels," "Fading Gigolo" and "What Maisie Knew." The company says it represents 75% of all independent titles sold at big-box retailer Target.
Summers and Guthrie will report to Alchemy board chairman Jesse Watson. Guthrie previously served as Alchemy's chief operating officer. Summers was senior vice president of strategy and financial planning.
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