Reporting directly to King, he will work alongside Gail Lyon, the company's other co-president of production, in heading the company's film development, pre-production and packaging activities.
Vaines will move to Los Angeles and oversee film productions, taking a lead creative role during the physical production phase.
King met Vaines during the epic production of Gangs Of New York which King financed and executive produced. Vaines, then working for Miramax Films, was co-executive producer.
'Since first working with Colin on Gangs Of New York, I have been consistently impressed with his unrelenting eye for detail during production and beyond,' said King in a statement. 'He is a perfect complement to the excellent production team we have in place here.'
'GK Films has an exciting slate of movies with many of the most talented writers, directors and actors in the business,' added Vaines. 'Working for the last eight years with Harvey and Bob Weinstein has been one of the great experiences of my career. I am thrilled that I now have the opportunity to join Graham and his outstanding team.'
While at TWC, Vaines was executive producer on Miss Potter and Breaking And Entering. He first worked with the Weinstein brothers at Miramax Films, joining the company in 1999 as executive vice president of development based in New York. In 2002, he took up the position of executive vice president, European production and development, based in the company's UK office. During this time, he worked on Gangs and was executive in charge of production on Anthony Minghella's Cold Mountain.
He began his career in 1977 as a journalist for Screen International before running the UK's National Film Development Fund from 1984 to 1987. He was in charged of UK development for Columbia Pictures for David Puttnam and went on to run development at Puttnam's company Enigma where he worked on films like Memphis Belle. He produced A Dangerous Man: Lawrence After Arabia starring Ralph Fiennes in 1992, co-produced Michael Radford's B Monkey and went on to supervise production and development for The Film Consortium before moving to Miramax.
Harvey Weinstein yesterday said: 'Colin is an incredible asset who consistently contributed to our sustained success at Miramax and TWC. His sophistication, intelligence and tireless work ethic helped produce a wide-range of critically and commercially successful films like Gangs of New York and The Aviator. While we will miss our colleague and his impeccable advice, after 8 years working for us, the time has come for him to move on to the next challenge and pursue this incredible opportunity with Graham in L.A. We are grateful for all of his efforts and look forward to naming a successor to build upon his tremendous achievements and work on our dynamic European projects.'
GK Films is currently in production on The Young Victoria starring Emily Blunt in the UK.