Thunderbird Films co-founders Michael Shepard and Tim Gamble are parting ways.

Shepard is leaving the Vancouver-based producer as president to form Mindset Television with a first look financing and distribution deal with Thunderbird in hand.

Thunderbird Films CEO Gamble will step into the role of president.

The executive suite shake-up comes eight months after Frank Giustra, who founded Lionsgate Entertainment in 1997, became a major shareholder in Thunderbird Films.

Thunderbird subsequently launched Sea to Sky Entertainment, a partnership with Lionsgate to create TV programming for broadcast and cable networks.