By Nicole Sperling
Updated June 30, 2010 at 05:52 PM EDT

Following the abrupt departure of creative chief Bob Berney back in May, Apparition honcho Bill Pohlad has finally announced his company’s restructuring. The new Apparition will lose 60 percent of its staff and relocate its offices entirely to Los Angeles. Veteran indie executive Tom Ortenberg has been brought in as a consultant to the company and will shepherd through its upcoming release, Terrence Malick’s mystical epic The Tree of Life. No release date has yet been set for the Brad Pitt-Sean Penn-starrer, but sources believe it will be released as a year-end Oscar contender.

The film, which Malick (The Thin Red Line) has been working on since 2008, centers on a family who must come to terms with a devastating loss. Tree of Life, a River Road production, is produced by Pohlad and Pitt’s Plan B production company.