EuropaCorp Boss Marc Shmuger is to leave the French film firm after two years.

Shmuger, who has been Chief Executive for two years, will leave at the end of 2017. His departure comes after $200m sci-fi feature Valerian and the City of a Thousand Planets crashed at the box office.

This comes after the French studio posted a loss of $136M for the fiscal year ending March 31, 2017.

His departure also follows the exit of Deputy CEO, Edouard de Vésinne earlier this year. Shmuger confirmed his departure to staff Friday morning. EuropaCorp founder Luc Besson will become interim Chief Executive from 1 January.

Shmuger will continue to produce Besson’s Anna, which will be co-produced and distributed by Lionsgate and will act as an adviser to the company.

“From the bottom of my heart, I want to thank Luc and my amazing colleagues in Paris and Los Angeles for the opportunity I’ve had to lead this incredible company,” Shmuger said. “Driven by Luc’s vision, and through the strength of some of the best executives I’ve worked with in my many years in the business, I leave EuropaCorp with great friends, memories and relationships which I will always cherish.”

“Marc has been a friend for over 20 years and is one of my closest advisors,” Besson added. “He came into EuropaCorp at a crucial time for the company and brought much-needed leadership, experience, industry knowledge and vision – all of which he provided to me personally and to the company in extraordinary ways, for which I’ll be forever grateful.”

The story was first broken by Deadline’s sister publication Variety.