Erik Feig has been promoted to co-president of Lionsgate Motion Picture Group and signed a new multi-year contract with the Santa Monica based studio.

The motion picture executive joins co-president Steve Beeks, who heads up business operations for the studio, in overseeing feature film development and production for Lionsgate and its subsidiary Summit Entertainment.

“It has been a thrilling ride since Lionsgate first acquired Summit just over two years ago, and I have loved every minute of it,” Feig said in a statement.

Feig will continue to report to Lionsgate co-chairmen Rob Friedman and Patrick Wachsberger. He will also be tasked with overseeing the business operations of the Motion Picture Group with Beeks, who is also continues his position as co-COO of Lionsgate, a role he’s held for the past four years.

“Erik has established a phenomenal track record during his years at Summit and Lionsgate, distinguished by superb talent relationships and a critical eye for identifying, developing and producing a diverse portfolio of film franchises and other world-class branded properties,” said Friedman and Wachsberger in a statement.

Feig joined Lionsgate in January 2012 when Lionsgate acquired Summit. Prior to that merger, Feig headed production at Summit. Under his tenure, the studio’s slate of films have collectively grossed over $8 billion at the worldwide box office, including “The Hunger Games: Catching Fire,” the “Twilight” saga franchise, “Now You See Me” and others.