Schapiro joined MGM in 2011 as COO and becomes chief strategic officer.

Chairman and CEO Gary Barber made the announcement on January 30 and called Schapiro “an invaluable executive and a key player in many of the most pivotal negotiations for the company.”

As COO Schapiro was responsible for streamlining studio operations and improving financial performance of the library.

He also oversaw MGM’s 50th anniversary home video promotion of the James Bond catalogue and MGM’s interactive initiatives related to its content portfolio.

Schapiro worked as evp with Barber at Morgan Creek Productions where he was involved in the development, production, financing and distribution of more than 30 features including Robin Hood: Prince Of Thieves and the Ace Ventura series.

Prior to joining MGM, Schapiro was the co-founder and a managing principal of Qualia Capital.