Douglas Glen Resigns as Imagi International Holdings CEO
Board Director William Courtauld Named Acting CEO
Search Underway For Permanent Replacement
HONG KONG – May 10, 2009 -- Imagi International Holdings Limited, the Hong Kong listed producer of CG-animated feature films, announced today that Douglas E. Glen, Chief Executive Officer and Executive Director, has resigned his position. Imagi and its Board of Directors have begun a search for Glenʼs permanent replacement. Meanwhile, the Company has appointed one of its Board members, William Courtauld, as Acting CEO.
Glen, who joined Imagi in late 2006, oversaw the companyʼs development from the months preceding the No. 1 box office opening of its first CG-animated motion picture, TMNT, through to the near completion of the studioʼs next production, Astro Boy, which will be released in October. He will continue in a consultancy capacity for six months.
Richard Witts, Board Chairman of Imagi, said: “The change will not impact the studioʼs 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.”
William Courtauld emphasized the attractiveness to high-quality film industry professionals of the opportunity to lead Imagi. He said: “Astro Boy has the makings of a smash hit, and we now have a strong pipeline of CG projects to follow it, including Gatchaman. Our studio employs many highly talented people, and Imagi has the unique strategic advantage of having roots both in Hollywood and in Asia. Also, after a difficult period during the current economic downturn, we are now in sight of long-term financial stability. I look forward to handing over the reins to a winner who can make the most of these fabulous assets.” Courtauld has extensive management experience in a wide range of industries and has lived and worked in Asia for over 30 years. He has started, managed and directed successful businesses in all the principal economies of the Asia Pacific region, primarily through key executive positions with the Jardine Matheson and Fortis groups and in his own business which works with smaller Asian companies.
ABOUT IMAGI Imagi International Holdings Limited (Stock Code 585, OTCQX: IINHY) is a listed company on the main board of The Stock Exchange of Hong Kong. Imagi Studiosʼ principal business is the development and production of CG-animated theatrical feature films. Imagiʼs first theatrical movie TMNT was released in March 2007, opening #1 in U.S. box office revenue, the first time in history that an Asian animated film achieved that honor. Imagiʼs CG production studios are located at its Chai Wan (Hong Kong) corporate headquarters with development and marketing operations based in Los Angeles, California, and an office in Tokyo. Astro Boy is Imagiʼs next motion picture for worldwide theatrical release in October 2009. For further information, please visit www.imagi.com.hk.