EXCLUSIVE: He’s followed Stefan Brunner, ex-COO, out of the door. It is understood that Rami Yasin, the Arab-language production head of the $1 billion Abu Dhabi film fund, has also left. Frank Moory, CFO of Imagenation’s parent the Abu Dhabi Media Company, will run Imagenation for now while the board looks for a new CEO. In an email to staff, chairman Mohamed Mubarak Al Mazrouei said that Borgerding has decided “to concentrate on independent projects”. Borgerding, a former Disney executive, joined Imagenation in March 2008. Imagenation’s spokesman was unavailable for comment.

Imagenation Abu Dhabi, the $1 billion film fund, launched in September 2008 and has announced a string of high-profile partnerships – including a $250 million joint venture with Participant Media; a $250 million deal with Hyde Park Entertainment; a $100 million deal with National Geographic; and a $10 million revolving development fund with Parkes/Macdonald (Dinner For Schmucks) to invest in projects developed through their DreamWorks first-look deal. Imagenation began shooting its first local production, coming of age story Sea Shadow, at the end of October last year. There’s been criticism that Imagenation has parked $600 million so far with Hollywood joint ventures, without putting much into local films. Its second local project, horror film Djinn, was planned to go into production in April.