Long-time Charlotte entrepreneur Bob Gruder resigned as the CEO of Life Clips Inc. on Monday, according to a filing with the Securities and Exchange Commission.

Charlotte-based Life Clips is a startup company that sells action cameras and battery products and is looking to compete with the popular action camera company GoPro.

In the filing, the company said it has not hired an interim CEO to replace Gruder and that Gruder’s resignation was not the result of any disagreements with the company.

The filing also reported the appointment of Victoria Rudman to fill Gruder’s other positions at Life Clips as the company’s chief financial officer, secretary, and treasurer of the company and a member of Life Clips board of directors.

Rudman was previously the interim CFO of Kalytera Therapeutics Inc., a medical marijuana company, and Life Clips has not reached an agreement on Rudman’s compensation, according to the filing.

Gruder has had a long history of running companies in Charlotte, including Alydaar Software, which developed Y2K compliance software, as well as a stun gun company called Stinger Systems.

Life Clips is traded under the ticker LCLP on the OTC Markets for about one cent and has seen its stock fall rapidly in recent months from a high of 76 cents in May.

The company had $709,233 in total assets and $20.8 million in total liabilities, according to the company’s most recent audited financial filing. The company also had a revenue of $534 and a net loss of $19.7 million.

Last year, the Charlotte Observer reported that Life Clips had an agreement with an investor relations firm called Midam Ventures LLC to publish positive stories about the company on a website called techstockinsider.com.

According to the Observer, a disclaimer on Midam Ventures website described the firm as “paid advertisers, also known as stock touts or stock promoters who disseminate favorable information…about publicly traded companies.”

The disclaimer also said that investors who buy during a promotional campaign and hold shares until the end “will likely lose most, if not all, of their investment,” according to the Observer.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism