Imagi International Holdings, the Hong Kong and Los Angeles-based CG animation producer, has announced that Douglas E. Glen has resigned his position as CEO and executive director of the company.

Imagi board member William Courtauld has been appointed as acting CEO until the company finds a permanent replacement. Glen will continue to act as a consultant to the company for six months.

Glen joined Imagi in late 2006 and oversaw the company’s development from the months preceding the successful box office opening of its first CG-animated feature,TMNT, through to the near completion of Astro Boy, which will be released in October.

Imagi board chairman Richard Witts said: “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.”

Imagi has been through a turbulent period over the past year attempting to raise capital during the global financial crisis. It temporarily suspended production of Astro Boy earlier this year, but the production is back on course after the company completed financing of $25m, including raising funds from mainland Chinese investors.

Courtauld said: “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.”