Mark Burg said Thursday that he has bought out his partner’s 50-percent stake in L.A. production and management company Evolution Entertainment. He has also hired agent-turned-producer Michael J. Menchel as chief executive.

Burg and Oren Koules were partners in Evolution Entertainment — best known for producing the “Saw” horror franchise – for 12 years. They said in a statement that they will continue to produce film and TV projects together, including Saw follow-ups.

“It’s been a great 12 years, but my interests lie outside the responsibilities of the management business,” Koules said.

Menchel spent 23 years at Creative Artists Agency before leaving in 1999 for Michael Ovitz’s Artists Management Group. In 2007 he formed his own film and television production company, Relevant Entertainment.

“Evolution is poised for a huge leap forward,” Menchel said in a statement. “I look forward to building on the assets already in place and guide it to the next level. I’m proud to take the wheel.”