Greg Silverman has stepped down as President and Chief Content Officer of Warner Bros. Pictures, it was announced Wednesday. He’ll be replaced by Toby Emmerich as of January 1.

Silverman was named to the top job in June 2013, which gave him full oversight of the studio — including development, physical production and budgets. He was the direct report of Warner Bros. CEO Kevin Tsujihara.

Silverman will open his own independent production and “entrepreneurial ventures” company that will work with Warner Bros, the studio said.

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Emmerich has held a President and COO title at New Line Cinema since 2008, which he’ll retain along with Silverman’s duties. Warners also noes that Emmerich will share greenlight power with Tsujihara, and Sue Kroll will remain president of worldwide marketing and distribution.

“He has great relationships across the creative spectrum, from writers and producers to directors and actors. He’s also got a track-record of producing hit films from all genres at every budget,”Tsujihara said in a statement. “I look forward to working with him in his expanded role in our Pictures Group.”

More to come. Read the full studio release: