The production chief becomes co-president of Lionsgate’s Motion Picture Group and has signed a new long-term contract.

Feig moved over with Motion Picture Group co-chairmen Patrick Wachsberger and Rob Friedman two years ago when Lionsgate acquired Summit Entertainment.

He oversees development and production on both Lionsgate and Summit films and since his tenure began 11 years ago at Summit he has overseen a production slate that has generated more than $8bn worldwide, $2.3bn of which came in 2013.

He will continue to work with and report to Friedman and Wachsberger and will work closely with co-president and co-COO Steve Beeks on business operations at the Motion Picture Group.

“Erik has assembled a tremendous production slate over the past two years, and he will be a critical, innovative and disruptive part of our future as we continue to evolve as a next generation global content leader,” said Lionsgate CEO Jon Feltheimer.

“Erik has established a phenomenal track record during his years at Summit and Lionsgate, distinguished by superb talent relationships and a critical eye for identifying, developing and producing a diverse portfolio of film franchises and other world-class branded properties,” said Friedman and Wachsberger.

“He will continue to be an integral part of our motion picture management team as we build on our momentum in the future.” 

“It has been a thrilling ride since Lionsgate first acquired Summit just over two years ago, and I have loved every minute of it,” said Feig. 

“I look forward to continuing the adventure with the most dynamic and visionary company around, led by Jon Feltheimer and Michael Burns, as well as continuing to work closely with my mentors, Rob Friedman and Patrick Wachsberger, and the rest of our exceptionally talented team.”