Breakthrough Entertainment’s Peter Williamson is departing the company he co-founded with Ira Levy 35 years ago.

The company announced Tuesday (Oct. 23) that the co-founder and executive producer is stepping down as part of a management buyout, with CFO Michael McGuigan and distribution president Nat Abraham taking control of the company. Financial terms of the buyout were not disclosed.

The move comes three months after Breakthrough moved out of the kids and family space, selling 757 half-hours of kids and family content (both animated and live-action) to 9 Story Media.

Williamson and Ira Levy started Breakthrough 35 years ago, building out a production and distribution slate including such properties as Bruno & Boots, The Adventures of Dudley the Dragon and YTV’s Anne of Green Gables MOW trilogy. Williamson will continue to oversee the development of Coppermine, a movie currently in co-development with Buffalo Gal Pictures.

“Leaving Breakthrough is bittersweet. I’m proud of all that we have achieved over the better part of four decades and am confident that Michael and Nat will lead Breakthrough into a bright future,” said Williamson in a statement.

Breakthrough did not provide any information on Levy’s ongoing role with the company.