Littleford and Smith, who took on the co-MD roles in June 2015, are expected to leave the company in July.
Jane Turton, CEO of betty parent co All3Media, confirmed the shake up in an email.
“Under the leadership of Neil and Matthew, betty has produced some truly distinctive, popular and award winning-series ranging from The Undateables and Bear Grylls: Mission Survive (pictured, above) to The Autistic Gardener. I’d like to thank both of them for their all their hard work, commitment and passion and wish them the very best for the future,” she said.
The changes at the top come weeks after All3Media acquired betty from Discovery Communications in May.
Littleford joined the prodco from BBC Worldwide, where he was editorial director for digital. At betty, he was responsible for business strategy, international sales, finance and operations.
Smith, meanwhile, was responsible for the creative side of the business, including production and development.
“Betty is one of the best indies in the business and we’re incredibly proud to have been a part of it. We wish the team all the best and we’re excited about what the future holds for us,” the outgoing MDs said in a joint statement.