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U.K. Film Council chief exec John Woodward is ankling the state-backed film biz agency, which is set to shutter in April 2012 as part of government spending cuts.

Woodward said Monday that he will leave in early November. Tim Cagney, head of the council’s U.K. partnerships, will take the reins.

Cagney, who will be upped to managing director, will work with Alan Bushell, chief operating officer, and the senior management team to “transition the U.K. Film Council into the new support system over the coming months,” the UKFC said in a statement.

The UKFC and the government will hold talks about future support structures for U.K. film over the coming weeks.

Woodward said, “By choosing to make my position clear now, I can be objective and unconflicted throughout that process. It should then, rightly, be for others to take the new system forward and write the next chapter for U.K. film.

“I can’t adequately say what a privilege it has been to serve the British film industry since 2000 — and I enjoyed every minute of it up until 5.35 p.m. on July 24,” the time and date that Blighty’s coalition government announced it was axing the org.

Accepting Woodward’s resignation, UKFC chairman Tim Bevan, said, “For 10 years, John has shown complete dedication and commitment to British cinema. Under John’s leadership, the U.K. Film Council has consistently backed a succession of successful films and filmmakers and helped the British film industry through a period of sustained commercial and creative growth.

“In the weeks ahead, John, the board and I will continue to stress the need for the key functions and expertise that currently sit inside the U.K. Film Council to be retained in one coherent structure.”

The Dept. for Culture, Media and Sport is due to announce its plans for the future of the local film industry in October.

“I fully understand and respect John’s wish not to be part of that reorganization and, on behalf of the board and staff of the U.K. Film Council, I wish John every possible success as he moves on to new challenges.”