“Paul Schwake has been an integral part in Skydance Productions. We are eternally grateful for his leadership and commitment over the last four years. We wish him all the best in his future endeavors,” David Ellison said in a statement.
According to Nikki Finke, who broke the news on Twitter, Schwake had been unhappy for several months, and his exit was revealed to Skydance staffers on a conference call on Wednesday.
Schwake joined Skydance in June 2009 from Level 1 Entertainment, where he served as COO. At Level 1, he executive produced the Happy Madison productions “Grandma’s Boy” and “Strange Wilderness,” as well as Gavin Hood‘s “Rendition.”
At Skydance, Schwake was involved in sequels to “Star Trek,” “G.I. Joe” and “Mission: Impossible,” as well as reboots of the “Terminator” and “Jack Ryan” franchises, not to mention “World War Z” and “Jack Reacher.”
Prior to Skydance, Schwake served as CFO of Spyglass Entertainment and VP of finance at Morgan Creek Productions.
Skydance has not yet named a replacement for Schwake, who did not immediately respond to a request for comment.