Black Country millionaire Jim Driscoll has quit suddenly from Galleon Holdings - replaced by the boss of the company's biggest shareholder.
Mr Driscoll, who was executive chairman of the entertainment group, has given way to David Wong, who is chief executive of venture capitalists Imagination Holdings. Imagination invested #400,000 into Galleon in return for a 27 per cent stake last July.
It currently holds 29.1 per cent in the company, which has the rights to a host of children's programmes including The Mysti Show and Skunk Fu.
The company also designs and markets the Croco range of promotional toys.
An announcement yesterday said Mr Driscoll, the creator of the internationally famous Shoe People cartoon series, was being replaced with immediate effect.
It said: "The company announces the resignation of executive chairman, James Driscoll. The board would like to thank him for his support."
Finance director Hayden Eastwood would not comment on his departure, adding: "You need to ask him why he has left."
A spokesman for Galleon said there was nothing untoward in the move.
He said: "Jim is cutting down his executive commitments. He holds some other non-executive responsibilities for other plcs and as far as Galleon is concerned he is still a shareholder."
The statement said Mr Wong was an entrepreneur and private equity specialist with experience and a successful track record in growing businesses in the medical and media sectors.
Currently he is chairman of AIM listed Medisys.
Recently, through Imagination he has been investing successfully in the children's entertainment sector.
Mr Driscoll was unavailable for comment yesterday.