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Mary Parent is stepping down as co-CEO and chairman of MGM's motion picture group.
The move was widely expected and comes as the studio is preparing to enter a pre-packaged bankruptcy.
A spokesperson for MGM declined to comment on Parent's departure, but an email to Parent at MGM contained a bounce- back message stating the executive "can no longer be reached at this email address."
It also gave a personal email account for forwarding information.
Parent steps down some 18 months before her contract was up.
MGM's creditors are currently weighing dueling proposals from Spyglass and Lionsgate, both of which would see the venerable studio enter new management after it emerges from Chapter 11. The studio has been laboring under nearly $4 billion in debt for much of the past year.
Parent's departure may be finalized, but MGM's future is still undecided. The studio's over 100 creditors still have to vote on whether they will accept a takeover proposal involving Spyglass chiefs Gary Barber and Roger Birnbaum or will instead opt to merge with Lionsgate.
Parent, a well-regarded producer at Universal, joined the studio in 2008, but MGM's financial problems derailed several high profile projects she hoped to make such as a James Bond sequel and a remake of "Robocop." Indeed, so dire did the studio's fiscal issues become that Parent was left with little to do as production essentially was put on ice.
Still remaining are co-CEOs Stephen Cooper, a turnaround expert brought on in 2009 to resuscitate the failing studio, and Bedi Singh.
Gross-out comedy "Hot Tub Time Machine" was greenlit under Parent's regime and opened last March to a decent $63 million worldwide take. Still awaiting release from the Parent years are Kevin James' "Zookeeper," a remake of '80s action film "Red Dawn" and the 3D horror flick "The Cabin in the Woods."
Earlier on Friday, the Los Angeles Times reported that Parent was cleaning out her 14th floor office and negotiating an exit package.
