EXCLUSIVE… UPDATED: Sources are telling me that Ryan Kavanaugh’s Relativity Media suddenly is exiting this excellent piece of manpower in a decision made over the weekend. But Relativity Media insiders claim ”his deal was up and options were being weighed” and the company will be “promoting from within”. Steve Hutensky joined Relativity in June 2009 as SEVP and Head of Business Affairs. His departure closely follows Erika Hindle’s jump from EVP of Finance at Relativity Media to CFO of Media Rights Capital. And it follows these recent Relativity stories about turmoil between Relativity and its investor Elliott Associates over finances: Elliott Finally Reins In Ryan Kavanaugh: Moves Relativity Prez Michael Joe In-House; Ryan Goes Off The Rails!Elliott Takes Back Kavanaugh’s Film Fund With Universal.

At Relativity, Hutensky oversaw all business and legal aspects of the company’s single picture business, including distribution, financing, co-productions, talent agreements and the management of films in production. Prior to joining Relativity, Hutensky worked as an independent producer based in New York City. From 1995 to 2004, Hutensky, a lawyer and former investment banker, worked as an executive at Miramax Films, serving as one of the principal advisers and top executives to Harvey Weinstein.

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