Former Relativity Media president Michael Joe is leaving Elliott Management Corporation to "pursue a new opportunity," he announced on Wednesday.
Joe, who didn't elaborate on his plans or exact exit date — other than "early 2012" — moved over to Elliott from Relativity Media in May 2011 after roughly a year as president of the independent studio. At Elliot, he helped oversee Elliott's investment in Relativity and Elliott’s slate financing deal with Universal.
He has been a chief backer of Relativity, although it began divesting itself from the studio at about the same time that Joe came aboard. Relativity is still struggling to find a new financial backer to replace Elliott.
Elliott Portfolio Manager Jesse Cohn implied in a statement that there was less for Joe to do now that "film related investments represent a shrinking focus of Elliott's portfolio."
Joe, who had previously served as a longtime executive at Universal, was replaced at Relativity by COO and CFO Steve Bertram. In a statement about his departure, he said that he "cannot think of a better environment to have profoundly expanded my knowledge and understanding of the private fund management business."
"However, it became increasingly apparent that on a personal and professional level, my passion is to be an active participant within the media and entertainment industry," he said. "I am grateful to the Elliott team and wish them the best in their future endeavors."