Wolf will attend the European Film Market in Berlin to meet buyers as a company employee, before going on to pursue new opportunities.
Further details including an announcement of Wolf's replacement will follow in due course. The departure is said to be amicable.
'The company is grateful for Penny's contribution in raising the profile of Peace Arch Films in the international distribution market,' Toronto-based Peace Arch Entertainment Group chief executive officer Gary Howsam said. 'We wish her the very best in her future endeavours.'
'I am very appreciative of the support Gary Howsam and Peace Arch have provided me as I take on new opportunities in the industry,' Wolf, who will continue to represent certain rights for the company in her new initiatives, said.