More Relativity Turmoil: Brian Edwards Exits as COO

The departure comes in the midst of ongoing executive shakeups

Relativity Chief Operating Officer Brian Edwards is the latest top executive to leave the fledgling studio headed by Ryan Kavanaugh, a company spokesperson confirmed to TheWrap. 

Edwards was with the studio for less than six months, having joined Relativity from his post as COO and general counsel of Mark Burnett Productions.

He left the company in early October, a Relativity spokesperson confirmed to TheWrap. The studio declined to comment on Edwards' reasons for leaving. 

The studio hasn't made a decision about who will replace Edwards, and has yet to begin a search for a new COO. 

Also read: Execs Exit, Money Tight — Ryan Kavanaugh Needs a Miracle, but Christmas Is Coming

It's the latest in a long stream of executive shakeups at the fledgling studio. As TheWrap reported exclusively Wednesday, Relativity President Steve Bertram may also leave the company at the end of the year when his contract expires. 

"I haven’t made a decision about what I'm going to do," Bertram told TheWrap. "It’s as likely I’m staying as not. Ryan (Kavanaugh) and I are in the middle of conversations. There isn’t a decision. I wanted to take some time to figure things out."

Whether Bertram ultimately stays or goes, the revolving door at the studio keeps on spinning. 

Bertram's predecessor as studio president, Michael Joe, stepped down from his post in May to take a new position at hedge fund Elliott Management. 

Also read: Relativity President Steve Bertram Weighs Leaving After 1 Year (Exclusive)

Among the others who have left the company since it began its transition from a film financier to a full fledged studio are Relativity President of Theatrical Marketing and Distribution Peter Adee, who announced last April that he was leaving the studio after 10 months on the job;  Worldwide Marketing President Geoffrey Ammer, who stepped down in August, 2010; and Senior Vice President of Acquisitions Joe Matukewicz, who left for a post at Sony this week.  

To be sure, there have been bright spots. Relativity scored hits with "Limitless" ($161.8 million, worldwide) and "Immortals" ($180 million, worldwide) in its first full year as a distributor.

But Kavanaugh, the company's CEO, has struggled to find capital to fund his ambitious slate of films. After parting ways with the hedge fund Elliott Associates, he has been courting both JP Morgan and Colbeck Capital, from whom he borrowed $200 million.

The JP Morgan deal has been stagnant, according to studio insiders.

The company recently secured the loan from Colbeck, backed by billionaire Ron Burkle, to cover the marketing costs for "Immortals."

In addition to his post at Mark Burnett, Edwards served as COO and general counsel at DreamWorks and was a partner in Overnight Productions.

The Los Angeles Times first reported Edwards' exit.