Longtime film industry executives Nancy Utley and Stephen Gilula are retiring as co-chairmen of Searchlight Pictures, leaving an incredible legacy in their wake.

Under their stewardship, Fox Searchlight won four Best Picture Oscars over the past 12 years, and the company is poised to win its fifth this coming Sunday should Nomadland prevail as expected.

Utley and Gilula will be replaced by their longtime lieutenants David Greenbaum and Matthew Greenfield, who have been promoted to co-presidents of Searchlight Pictures. They'll report to Disney's Alan Bergman and Alan Horn. Disney acquired the prestige label as part of its 2019 deal to acquire 20th Century Fox and other entertainment assets owned by the Murdoch family.

Nomadland Frances McDormand
Image via Searchlight Pictures

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Utley and Gilula are incredibly well-respected executives who have exhibited exemplary taste over the past 20 years, as well as an impressive knack for festival acquisitions. They also backed top filmmakers early in their careers, such as Steve McQueen, Tom McCarthy and Marc Webb, among countless others.

“Thanks to the stewardship and pitch-perfect creative instincts of Steve Gilula and Nancy Utley, Searchlight has cemented itself as one of the finest film studios in history, and we commend and thank them for their incredible leadership, especially throughout the integration of Searchlight at Disney,” Bergman and Horn said in a joint statement issued to Variety, which broke the news. “They are leaving the studio in the talented hands of Matthew Greenfield and David Greenbaum, who have been a critical part of Searchlight’s success over many years and we’re confident they will continue to set a course that keeps Searchlight on the industry’s leading edge.” Utley and Gilula leave behind a solid slate, as Searchlight's upcoming releases include Scott Cooper's horror movie Antlers, Michael Showalter's The Eyes of Tammy Faye starring Jessica Chastain and Andrew Garfield, and Guillermo del Toro's star-studded adaptation of Nightmare Alley, which is led by Bradley Cooper. The company is also prepping Yorgos Lanthimos' new film Poor Things starring Emma Stone.

KEEP READING: Searchlight Sets Release Dates for 'Antlers,' 'The Eyes of Tammy Faye' and Guillermo del Toro's 'Nightmare Alley'