Brad Weston to step down as CEO of ‘Revenant’ producer New Regency

Hollywood veteran Brad Weston will step down as president and chief executive of New Regency, the Los Angeles film production company behind “The Revenant” and “Birdman.”

Weston’s impending departure from the company, which he’s led for the last five years, was unexpected and it is unclear why Weston is leaving the firm founded by Israeli billionaire Arnon Milchan.

In a statement released Monday, New Regency said Weston would leave “with the support of Milchan.” The company has not named a replacement, and did not say what Weston’s next move would be. His departure date also has not been revealed.

New Regency has boasted a strong run of awards season contenders in recent years. It put up most of the money for “The Revenant,” which was nominated for the best picture Oscar this year and grossed $526 million worldwide. “Birdman” won four Oscars in 2015, including the top prize.

The company’s upcoming film slate includes Warren Beatty’s Howard Hughes biopic, the video game adaptation “Assassin’s Creed” and an untitled Gore Verbinski thriller. New Regency recently teamed with “Hunger Games” studio Lionsgate on a television joint venture to produce and distribute shows.

Media conglomerate 21st Century Fox holds a 20% stake in New Regency, and Fox has a deal with the production company to release its movies. New Regency co-finances some of its movies with Fox and fully finances others.

Weston has long been a player in the studio system. Before joining New Regency, he served as Paramount Pictures’ production president until 2009, when he was fired by studio chairman Brad Grey in a broader shakeup.