Mike Fleming

EXCLUSIVE: Scott Free has made official news that Deadline broke on July 5. Former Summit Entertainment executive Michael Schaefer has been named president of the Fox-based company run by Ridley and Tony Scott. The post became vacant when longtime president Michael Costigan left to become a producer. Here’s the announcement:

In an announcement today, Ridley and Tony Scott appointed Michael Schaefer to the position of President, Scott Free Films. In his new position, Schaefer will oversee production and development for all projects under the Scott Free banner. Schaefer most recently served as Senior Vice President of Acquisitions and Co-Productions at Summit Entertainment. Movies he worked on during his time there include the Academy-Award winning film The Hurt Locker, 50/50 and Source Code. Prior to Summit, Schaefer worked at The Weinstein Company as VP of Production and Development.

“I am very excited to join Scott Free, one of the most dynamic and respected production companies in the business. Having the chance to work with two visionary film makers like Ridley and Tony, plus Justin, Jules and the entire team, is a dream come true, ” said Schaefer

“We are delighted that Michael has agreed to join us here at Scott Free,” said partners Ridley and Tony Scott. “He has impeccable taste, strong relationships and great business instincts and we look forward to working with him.”