SINGAPORE (Dec 19): Charles Choi Spackman, the founder of Spackman Entertainment Group, has resigned as the company’s executive chairman and chief executive officer, with effect from today.

In a filing to SGX on Tuesday, Spackman says the resignation is “part of management restructuring to enable more frontline executives to participate on the Board level for increased efficiency and objectivity.”

The group adds that its founder is stepping down to devote more time to pursue his other personal business interests.

His responsibilities had included group strategic planning and the overall management of the company.

Pending required due diligence processes, Spackman plans to appoint two new directors to the board as executive directors. One of these two new directors will also serves as Spackman’s interim CEO.

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

As at 4.46pm, shares of Spackman are trading 0.3 cents lower, or down 3.0%, to 9.8 cents.