March 20, 2011
GigaMedia Limited (Nasdaq: GIGM) announced today the appointment of
as its new CEO, replacing
who is retiring after leading GigaMedia for the last seven years.
Mr. Lee, who joined GigaMedia's board as an independent director in
, has over two decades of management consulting and operational experience – a strong and deep track record of successfully guiding and building international technology businesses. He will assume the role of CEO effective immediately.
Mr. Wang will remain on the board of directors and serve as a special advisor to the new CEO.
"With Yichin as our new CEO, I retire with full confidence in GigaMedia's future. He is the complete package. He has all the skills and experience to take Giga to the next level," stated
. "It has been a great honor to lead Giga for the past seven years, to drive our transformation from a broken ISP to our position today as a leading online entertainment firm, with top content generation and a platform that spans across North and
– plus our large equity position in the Everest poker and casino platform."
is the perfect combination for GigaMedia: both a strategic thinker and a veteran technology executive," stated GigaMedia Chairman
. "His energetic leadership style and experience in driving innovation and operational excellence will help GigaMedia leverage its strategic position and robust balance sheet to deliver strong growth."
"I am very excited to be taking on this new role at GigaMedia," stated new CEO
. "Arthur and I have worked hard together the past seven years and I am very grateful to him for all he's done to position GigaMedia for great success and long-term growth. We now have extraordinary opportunities to create value for our shareholders and I look forward to developing and driving an even stronger GigaMedia."
"On behalf of the whole board, I would like to thank
for his many contributions to the company's development over the years and for continuing to serve the company on the Board," stated Chairman
. "His unwavering enthusiasm for GigaMedia, leadership and industry savvy make him an invaluable resource for the future."
About Yichin Lee
has extensive experience both as a leader of technology driven businesses in
and as a management consultant. His previous operational, management and consulting engagements include a leading Internet trading platform for
's agricultural and commodity industries; the Internet content operations and consulting services of regional telecom giant PCCW; as well as advisory and leadership positions on technology and transportation projects for Booz & Company. Previously he had also worked at McKinsey & Company in
and Oracle Corporation in Silicon Valley. Mr. Lee is an alumnus of
, where he received both his Ph.D. and M.S. in Resource Planning and Management. He earned a B.S. degree in Civil Engineering from National Taiwan University.
Board Changes Announced
The company also announced the appointment of
to the company's board as independent directors.
"Mo-Na, John and Nick are three of the most respected business executives in the region – we are very pleased and honored to add such strong talent to our board at such an important time in the development of our business," stated Chairman
. "Their extensive business insight and strong leadership will help revitalize the board and guide us in the next stage of our growth."
Mr. Chien has led several top investment, finance, and technology firms. He is currently the chief advisor of investment firm Chailease Finance Co., Ltd., and honorary chairman of
-based Grand Pacific Investment & Development Co., Ltd., as well as chairman of electronic components firm J.K. Multilayer Technology Co., Ltd., and supervisor of the board of the Taiwan Stock Exchange-listed microelectronics firm Maxtek Technology Co., Ltd. Mr. Chien attended the
MIT Sloan School of Management
and holds a Bachelor of Arts degree from National Taiwan University.
Mr. Huang is a prominent business leader with strong expertise in investment and finance. He is currently the chairman of
-based Grand Pacific Investment & Development Co., Ltd., as well as the firms Chailease Construction & Development Corp., Global Hospitality Group Inc., and Beijing He Qiao Property Management Co., Ltd. Mr. Huang holds a Bachelor of Arts degree from
's Soochow University.
Mr. Liu has extensive experience in the game industry. He was the managing director in
for a game development subsidiary of Activision Blizzard, one of the world's largest developers, publishers and distributors of interactive entertainment and leisure products. Mr. Liu holds an MBA degree from the Stern School of Business at
and a business degree from the
University of Southern California
Mr. Chien and Mr. Huang replace independent directors
Emmet Yu-Jui Hsu
, who have each resigned from the company's board for personal reasons.
"We thank Gilbert and Emmet for their contributions to the board, for their valuable service, and wish them well in their future endeavors," stated Chairman Ding.