John Ptak is leaving CAA after 15 years and teaming up with film industry executive Philip Elway to form the strategic consultancyArsenal.

Arsenal will advise producers, equity funds and distributors on business growth and financing and distribution arrangements onprojects.

The initial client roster includes Exception-Wild Bunch, Endgame Entertainment, Spitfire Pictures, Kadokawa Pictures USA, and Davis Films. Arsenal will commence full operations in June after Cannes.

At CAA Ptak expanded the role of agent by representing the financing and distribution on more than 1OO independent features, including films by Woody Allen, David Lynch, Wolfgang Petersen, and Peter Weir.

His corporate clients included Intermedia, Davis Films,Kadokawa Pictures USA, Mirage, CIBY 2OOO and The Yari Film Group.

Elway served as executive vice president of Douglas-Reuther Productions, chief operating officer of Bel Air Entertainment, and most recently as president of VIP Media USA.

He has been involved with the production of morethan 60 films and at VIP he was associated with in the placement of approximately $800m of equity into feature productions.

In a statement CAA's Richard Lovett said: "We wish John the best of luck in this new venture. We will continue to accesshis expertise and relationships, and look forward to sharing clients with Arsenal."

"CAA has been my home for many years," Ptak said. "The agency thoroughly encouraged the growth of this new, independent business from the beginning. Philip and I look forward to working closely with CAA on shared client companies and films."

"John is probably the most travelled and respected agent in the international film community," Elway said. "As well as representing numerous clients, he has been responsible for completing the financial and/or creative packaging of a long list of exceptional films and I'm very excited to be entering this partnership with him."