Relativity Media’s key backer Elliott Management Corporation has announced the departure of Michael Joe, the former president of Relativity who was plucked from that post by Elliott to watch its investments with Ryan Kavanaugh. Joe had little to do because Elliott has stopped future funding of entertainment industry ventures. How this factors into the future of Relativity Media and Elliott remains to be seen. Here is the announcement:

New York, NY (January 4, 2012) — Elliott Management Corporation and Michael Joe announced today that, in early 2012, he will be leaving the firm to pursue a new opportunity. In his most recent role, Mr. Joe helped oversee Elliott’s investment in Relativity Media and Elliott’s slate financing deal with Universal. Prior to arriving at Elliott, Mr. Joe was President of Relativity Media.

“I cannot think of a better environment to have profoundly expanded my knowledge and understanding of the private fund management business,” said Michael Joe. “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. I am grateful to the Elliott team and wish them the best in their future endeavors.”

“Michael Joe is a consummate professional whose insight and experience made him an invaluable partner from the time we first began working together,” said Jesse Cohn of Elliott. “Since film-related investments represent a shrinking focus of Elliott’s portfolio, we understand and support Michael’s decision to pursue a new opportunity. We wish him continued success, we are grateful for his commitment, and look forward to collaborating with him again in the future if the right opportunity presents itself.”