Hillcoat, 46, has a film career that includes the features Ghosts ... of the Civil Dead and the Outback western The Proposition, starring Guy Pearce and Ray Winstone.
His music video credits include films for Nick Cave, INXS, Crowded House, Depeche Mode, Muse and Razorlight. He will continue to be represented by Factory Films for promos.
Manwaring joined Therapy Films in 2004 as a director and went on to shoot the "come to your senses" campaign for Wrigley's through Abbott Mead Vickers BBDO. He was previously a creative at St Luke's and Leith London. He will receive equity in the company and joins the founding partners Malcolm Venville and Mark Denton.
"Guy is bursting with ideas for taking the company forward, as well as being a bloody good director," Denton said. "I knew as soon as I met John that he was right for us."