The founder of Spackman Entertainment Group has quit as executive chairman and chief executive, it was announced yesterday.
The move by Mr Charles Spackman to step down comes as the South Korean entertainment production group seeks to restructure its board to better prepare the company for a new phase of growth, the firm added.
It said 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".
The Catalist-listed firm said its management restructuring will enable more front-line 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, 45, will make way for professional management staff in key executive and board positions, the firm 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, with one of them serving as interim chief executive. In addition, independent director Anthony Wei Kit Wong will be redesignated non-executive and independent chairman.
Spackman said the board restructuring will improve the group's business process and benefit its shareholders. Spackman shares closed 0.3 cent down at 9.8 cents yesterday.