, Nov. 26, 2012 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) ("GigaMedia") announced today that its board of directors has elected
as its new chief executive officer upon the departure of
, who has resigned as an officer and a director.
Mr. Hwang was recently appointed to GigaMedia's board after serving as a consultant for the company and has been instrumental in the creation of GigaMedia's new cloud services business, which he began to develop in 2011. He brings to GigaMedia extensive experience in strategic planning and business development with international technology and investment companies and a strong history of developing solutions for corporate growth. Mr. Hwang currently serves as chairman 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 of Cita Aircargo Service Co. Ltd. in
, one of the largest perishables logistics providers in SE Asia.
"Third-quarter results show that we have made strong progress this year in both financial performance and strategic positioning, and with my mission complete in turning around and reshaping a challenged company I am handing over the helm to Collin," stated
. "Collin's proven experience in developing technology businesses in
is a great asset for GigaMedia; he has the skills and the track record to help grow Giga and I know he will do an incredible job."
"I am honored to be appointed and excited to lead Giga forward," stated GigaMedia Chief Executive Officer
. "John had the courage to transform the company to respond to technology and industry shifts and I have worked hard with him this year to reinvent Giga."
"I greatly appreciate all he has done to reinvigorate and strengthen the company," stated CEO
. "With a solid balance sheet and improving financial performance, we are well-positioned to generate strong returns and sustained growth in shareholder value."
"The board is confident that Collin's excellent track record in technology, strategic development, and business execution makes him the right leader for GigaMedia at this time," stated GigaMedia Chairman of the Board Mo-Na Chien. "The board believes in the strength of GigaMedia's business and assets, and looks forward to working with Collin to accelerate the substantial advances GigaMedia has made operationally since John joined in January of this year."