Schwartz will remain in place until the end of August, by which time studio's leadership will expect to have found a replacement. Beyond that he will be available as a consultant.
'I feel I've accomplished everything I could at New Line and reached my capacity to grow in the organisation,' Schwartz, who will announce his own plans shortly, said.
'For the past few months, Bob [Shaye], Michael [Lynne], Rolf [Mittweg] and I have been in discussions about my moving on, and it was important to me that I stayed to oversee the launches of Hairspray and Rush Hour 3, two projects which are very dear to me. Interestingly enough, Rush Hour 2 and Rush Hour 3 book-ended my career here.
'I thank Bob, Michael and Rolf for handing me the reins to orchestrate some of New Line's and, for that matter, Hollywood's most successful marketing campaigns.
'The core New Line marketing team, which has been with me since I began here - headed up by Christina Kounelias, Laura Carillo, Gordon Paddison, Diane Charbanic and Rob Kobus - is second to none.'
'Russell has been a friend and colleague at New Line during stints over 30 years,' New Line co-chairman and co-chief executive officer Shaye said. 'He is a superb marketing executive, and I sincerely regret our parting. He will continue to succeed.'
'We respect Russell's decision to move on and are grateful for his invaluable contribution to New Line's success during his tenure,' co-chairman and co-chief executive officer Lynne added.
Schwartz' credits include the Lord Of The Rings trilogy, Elf, The Notebook, Austin Powers 2 and 3, Blade, and A History Of Violence.
He played a key role in the studio's 44 Academy Award nominations and 18 wins and was twice named Ad Age Marketer Of The Year.
Prior to joining New Line in 2001, Schwartz served as president of USA Films, president of Gramercy Pictures, and executive vice president of Miramax Films.