A shakeup at Alchemy leaves chief Bill Lee out, as Kelly Summers and Scott Guthrie have been appointed co-presidents. According to an announcement, they report to Alchemy board chairman Jesse Watson. Guthrie had been COO, while Summers was senior veep of Strategy and Financial Planning.

Lee ran the label for years and was at the helm when it was called Millennium Entertainment. He also steered it through a rebrand to the name Alchemy after he engineered a buyout from Nu Image Millennium Films’ chief Avi Lerner and his partners. Lee got that deal done following a long courtship with Luc Besson and Christoph Lambert at EuropaCorp, before Besson and Lambert instead staked half of Relativity’s distribution pipeline to start the distribution company RED. Lee put this deal together through private equity with a $40M credit facility to make acquisitions last January. The company hasn’t exactly branded itself as a dominant player since those moves, but it has acquired such films as the Rob Zombie horror pic 31 and the James McTiegue film Survivor. The company maintained its slow and steady pace, and perhaps that wasn’t fast enough for the money men.

Said Lee in a statement: “It has a been a privilege to lead Alchemy and work alongside some of the best leaders in the business. 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.”