Glen resigns as Imagi CEO, exec director

Board member Courtauld to step in temporarily

HONG KONG -- Douglas Glen has resigned as CEO and executive director of Imagi International, the Hong Kong and LA-based animation group that last year was responsible for "TMNT."

The company has appointed board member William Courtauld as acting CEO, while beginning a search for a permanent replacement. Glen will stay on as a consultant for the next six months.

His departure comes after a protracted period of turmoil for the company as successive measures to increase its capital base have been thwarted. The company is currently in the process of raising $16.6 million, although Imagi said it needs $25 million to complete "Astro Boy,” its scheduled October release.

“The change will not impact the studio’s day-to-day operations as we are fortunate in being able to transition smoothly under the leadership of our acting CEO, who will be reinforced by Andrew Kopperud, recently promoted to Los Angeles-based chief operating officer of Imagi worldwide," Richard Witts, board chairman of Imagi, said.