UPDATE: “Michael Vollman is a great executive. We could not have gotten through this enormous transition over the past 7 months without his clarity, his guidance and his commitment. We love him and while his contract is ending, we are confident that our paths will cross again,” said MGM Co-Chairmen and CEOs Gary Barber and Roger Birnbaum.

Hollywood knows that Mike Vollman is fun and then some. So it comes as no surprise that the EVP of MGM Theatrical Marketing didn’t find his job fun anymore since the new management is looking to outsource all marketing and distribution for the movies being co-financing. That gave Vollman a job limited to looking over other people’s shoulders for Bond (Sony’s), The Hobbit (Warner Bros’), Hansel & Gretel (Paramount). He went on vacation over Fourth Of July and decided not to renew his 3-year contract which ends August 15th. “The guys have been great about my decision,” Vollman tells me. “I tried, but I just could not do it. I need something more hands-on. I’m going to take the rest of the summer off and then figure out my next step.” Vollman, who witnessed the studio’s implosion from the front lines, initially was hired in the dual role of EVP of Theatrical Marketing for MGM Worldwide Motion Picture Group and President of Marketing for United Artists in August 2008. Before that, he was EVP, Integrated Marketing and National Publicity for Paramount Pictures from 2007. He initially joined Paramount in 2006 when the studio acquired DreamWorks.