Photon Group co-founder Tim Hughes has quit the troubled company as it continues its efforts to recapitalise.
Hughes had already resigned as executive chairman but has now left the Photon board.
Photon, owner of agencies such as BMF, BWM, Naked and CPR, ran into trouble after an acquisition spree left it with payout liabilities that it cannot meet without more funds.
The company has now renegotiated almost all of those payout liabilities. It remains suspended from the ASX as it enters the final days of its fund-raising efforts.