Nov. 9, 2012
/PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) announced today its board of directors has appointed
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
, 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
. "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
. "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
to the company's board.
has extensive executive/director experience in strategic planning and business development with major international technology and investment companies," stated GigaMedia Chairman
. "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 &
, a joint venture in
with Australian-listed Datadot Technology Limited, a world-leading provider of identification technologies. He is also chairman of
-based Cita Investment and Technology Development Co. Ltd., which invests in real estate, equities and business ventures across
, and chairman and CEO of Cita Aircargo Service Co. Ltd. in
, one of the largest perishables logistics providers in
, 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
Current board member
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.