SINGAPORE - Catalist-listed Spackman Entertainment Group on Tuesday (Dec 19) said its founder Charles Spackman, 45, will step down as executive chairman and chief executive officer (CEO) of the company, effective Dec 19, 2017. This comes as the South Korean entertainment production group seeks to restructure its board to better prepare the company for a new phase of growth.

Having attained operational stability, the group believes that it is the "ideal time for it to transition from a 'founder-centric' management structure, to an objective management structure led by professional managers with distinct roles and responsibilities", Spackman said.

The firm added its management restructuring will enable more frontline executives to directly participate on the board for increased efficiency and objectivity, as Mr Spackman devotes more time to pursue his personal business interests.

Mr Spackman will resign from the company as of Tuesday, making way for professional management personnel in key executive and board positions, Spackman said. His responsibilities included group strategic planning and the overall management of the company.

Pending due diligence, the firm intends to appoint two new executive directors to the board, with one of them serving as interim CEO.

In addition, independent director Anthony Wei Kit Wong will be re-designated non-executive and independent chairman of the company.

Going forward, Spackman believes that its board restructuring will improve the group's business process and benefit its shareholders.

As at 1.46pm on Tuesday, the counter was trading 0.99 per cent lower to S$0.10 per share. Some 3.97 million shares changed hands.