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GigaMedia Announces Board Additions

Stocks in this article: GIGM

TAIPEI, Taiwan, Nov. 29, 2011 /PRNewswire-Asia/ -- GigaMedia Limited (NASDAQ: GIGM) announced today the appointments of Dirk Chen and Casey Tung to its board. The appointments are effective immediately.

"Dirk and Casey are experienced business leaders with proven abilities in building strong, efficient operations -- two great additions to our board," stated GigaMedia Limited Chairman Michael Ding. "Their deep business insight will help provide critical guidance; we look forward to their assistance going forward as we continue to work to turn around the company's performance."

Dirk Chen has extensive experience in finance and business operations. He is currently a Special Advisor to GigaMedia. Mr. Chen served as Senior Adviser to the Chairman's office of investment firm Chailease Finance Co., Ltd. in Taiwan from May 2011 until June 2011. Prior to that, he was the Chief Financial Officer of Grand Pacific Financial Holdings Corp. and President and Chief Financial Officer of Grand Pacific Finance Corp, both in New York. From 2006 until 2009, Dirk was the Chief Financial Officer of Financial One Corp. in Singapore. He served as Chief Financial Officer of Chailease International Finance Corp. in mainland China from 2005 through 2009, and as Chief Financial Officer of Chailease Finance Co., Ltd. in Taiwan from 2003 until 2009. Mr. Chen holds a Master of Business Administration degree from the MIT Sloan School of Management and a Bachelor of Arts degree from Soochow University in Taiwan.

Casey Tung is the principal owner of the accounting offices of Casey Tung in California. Mr. Tung founded the business in 1991, which serves a number of publicly listed companies and practices in the areas of attestation, taxation, and advisory on matters such as mergers and acquisitions, financing, and reorganizations. Mr. Tung is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. He holds a Master of Science in Business Administration from California State University, Long Beach and a Bachelor of Commerce degree from Soochow University in Taiwan.

GigaMedia also announced that Casey Tung will join the audit committee, replacing Nancy Hu.

Following the changes announced today, GigaMedia's board is comprised of nine members with more than a majority as independent directors.

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