In a sudden leadership shuffle on Monday that caught insiders by surprise, the board of the fast-rising distributor has appointed Kelly Summers and Scott Guthrie as co-presidents.
Bill Lee has stepped down immediately. The former CEO was the face of the company and presided over its rise as an ambitious multi-platform distributor after he partnered with Virgo Investment Group in August 2014 to buy out previous incarnation Millennium Entertainment.
According to an announcement sent out on behalf of Alchemy on Monday, Lee will continue to consult to Alchemy’s board and investor.
Guthrie will be responsible for leading sales, operations and finance operations while Summers will oversee strategic planning, marketing and production and acquisitions.
Guthrie most recently served as Alchemy’s COO while Summers was svp of strategy and financial planning. Both have extensive studio and entertainment executive experience and will report to chairman of the board Jesse Watson.
“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 in a prepared statement that did not mention Lee. “Scott and Kelly’s combined experience make them the perfect team to lead the next chapter of growth.”
In a statement Lee said: “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.”