TAIPEI, Taiwan, Jan. 6, 2012 /PRNewswire-Asia/ -- GigaMedia
Limited (NASDAQ: GIGM) ("GigaMedia") announced today that its board
of directors has elected John
Stringer as its new chief executive officer upon the
departure of Yichin Lee, who has
resigned as an officer and a director to return to his own
professional services business. Mr. Stringer is a veteran
technology executive with 25 years of senior leadership experience
and an exceptional track record of driving strong growth and
profitability in top global companies.
Mr. Stringer led Taiwan-based
Wyse Technology from 1998 to 2006 in different key roles, including
president, chief executive officer and chairman. During that
period, he headed its US$1.2 billion
IPO in Taiwan, repositioned the
business and established the company as a world-leading computer
firm, driving revenues from US$5 million to
US$200 million and capturing 45 percent global market share.
Prior to turning around Wyse, Mr. Stringer served as executive vice
president and general manager of Network Associates, Inc. -- now
McAfee, Inc., the world leader in network security and services
known for its McAfee anti-virus suite -- and senior vice president
of Network General Corporation. During his tenure, he spearheaded
post-merger integration and drove combined annual revenues to over
US$600 million.
Mr. Stringer was also recently president of the board of ACG
Silicon Valley, a forum designed to build valuable business
relationships among senior level technology industry executives who
are involved in mergers and acquisitions, corporate growth and
corporate development. He is currently chairman of the board of
Instant Mobile Solutions, Inc., a mobile services platform.
Mr. Stringer's appointment as CEO and a director is effective
immediately; he is now in position at GigaMedia's Taipei headquarters meeting with employees and
partners.
"We are thrilled to have John take the helm of GigaMedia,"
stated GigaMedia Chairman Michael
Ding. "He has a wealth of experience in revitalizing
technology firms, developing new strategies and launching new
products. He is a dynamic, insightful leader renowned for driving
successful turnarounds and growth."
"The new Giga begins today," stated John
Stringer. "We start with talented employees and strong
positions in the online games industry that we can strengthen and
build upon. I look forward to creating new opportunities for our
customers, partners, and employees, and am confident the new Giga
will deliver new value for our shareholders."
About GigaMedia
GigaMedia Limited (Singapore
registration number: 199905474H) is a major provider of online
entertainment software and services. Through its subsidiaries,
GigaMedia develops and operates a suite of online games in
Asia, covering all regions of
Greater China and Southeast Asia. More information on GigaMedia
can be obtained from http://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 June 2011.
For further information contact:
Brad Miller, Investor Relations
Director
+886-2-2656-8016
Brad.Miller@GigaMedia.com
SOURCE GigaMedia Limited