Spackman founder Charles Spackman steps down in board restructuring

Singapore

CATALIST-LISTED Spackman Entertainment Group on Tuesday said its founder Charles Spackman, 45, has stepped down as executive chairman and chief executive officer 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 that its management restructuring will enable more front-line executives to participate directly on the board for increased efficiency and objectivity, as Mr Spackman devotes more time to pursue his personal business interests.

Mr Spackman resigned 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 an interim CEO.

In addition, independent director Anthony Wei Kit Wong will be redesignated 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 shareholders.

The counter traded 2.97 per cent lower to close at S$0.098 a share on Tuesday. Some 9.24 million shares changed hands.