TAIPEI, Taiwan, Nov. 9, 2012 /PRNewswire/ -- GigaMedia Limited
(NASDAQ: GIGM) announced today its board of directors has appointed
Mo-Na Chien as its new chairman.
Mr. Chien has led several top investment, finance, and
technology firms and been a member of GigaMedia's board for nearly
two years. His appointment as chairman is effective
immediately.
Mr. Chien replaces Michael Ding,
who resigned his position as chairman citing increased commitments
with other business interests, including his current role as
chairman and chief executive officer of Waterland Securities Co,
Ltd.
"GigaMedia's turnaround is on track with leaner operations and
new growth strategies now beginning to deliver improved financial
results," stated Michael Ding. "It
is the right time for a leadership transition and I have absolute
confidence in Mo-Na's ability to lead GigaMedia forward."
"I am honored to be appointed and appreciate the confidence of
Michael and the board," stated GigaMedia Chairman Mo-Na Chien. "We have made steady progress
building a new business and improving our financial performance; to
deliver increased results and enhanced shareholder value we will
continue to adapt our business model to take advantage of new
opportunities and changing dynamics in global marketplaces."
Board Changes Announced
The company also announced the appointment of Collin Hwang to the company's board.
"Collin Hwang has extensive
executive/director experience in strategic planning and business
development with major international technology and investment
companies," stated GigaMedia Chairman Mo-Na
Chien. "His keen business insight and strong leadership will
help revitalize the board and serve as a valuable future resource
as we grow."
Mr. Hwang currently serves as chairman and CEO of Datadot
Technology Asia & Taiwan, a
joint venture in Shanghai and
Taipei with Australian-listed
Datadot Technology Limited, a world-leading provider of
identification technologies. He is also chairman of Taipei-based Cita Investment and Technology
Development Co. Ltd., which invests in real estate, equities and
business ventures across Asia, and
chairman and CEO of Cita Aircargo Service Co. Ltd. in Taipei, one of the largest perishables
logistics providers in SE Asia,
where he began his career in 2000. Mr. Hwang holds a Master
of Transport Management degree from the University of Sydney and a Bachelor of Construction
Management degree from the University of New
South Wales, Australia.
Current board member Casey Tung
will assume the role of chairman of the audit committee, replacing
Mr. Ding.
Following the changes announced today, GigaMedia's board is
comprised of nine members with more than a majority as independent
directors.
About GigaMedia
Headquartered in Taipei,
Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is
a diversified provider of online games and cloud computing
services. GigaMedia's online games business develops and operates a
suite of games in Asia, with focus
on Web-based/mobile games in emerging markets. The company's cloud
computing business is focused on providing SMEs in Greater China with critical communications
services and IT solutions that increase flexibility, efficiency and
competitiveness. More information on GigaMedia can be obtained from
www.gigamedia.com.
The statements included above and elsewhere in this press
release that are not historical in nature are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. GigaMedia
cautions readers that forward-looking statements are based on the
company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those
contained in such forward-looking statements. Information as to
certain factors that could cause actual results to vary can be
found in GigaMedia's Annual Report on Form 20-F filed with the
United States Securities and Exchange Commission in April 2012.
For further information contact:
Brad Miller, Investor Relations
Director
+886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited