Carolco Pictures, Inc. announced that on January 1, 2016, Sam Lupowitz resigned as a member of the Board of Directors of the company and as an officer of the company. On January 1, 2016, Tarek Kirschen was appointed as a member of the Board of Directors of the company to serve until the next annual meeting of shareholders. Tarek Kirschen is a Palm Beach Real Estate Developer and entrepreneur and a shareholder of the company.

On January 1, 2016, Tarek Kirschen was appointed as Chief Executive Officer and Chief Financial (Accounting) Officer to serve at the Board of Directors.