GigaMedia appoints new CEO

GigaMedia Limited, a provider of online games and cloud computing services, has appointed Collin Hwang as its new CEO upon the departure of John Stringer, 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. Mr Hwang currently serves as chairman of Datadot Technology Asia & Taiwan, a joint venture in Shanghai and Taipei with Australian-listed Datadot Technology Limited. He is also chairman of Taipei-based Cita Investment and Technology Development Co. Ltd., which invests in real estate, equities and business ventures across Asia, and chairman of Cita Aircargo Service Co. Ltd. in Taipei.

"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 Mr Stringer. "Collin's proven experience in developing technology businesses in Asia 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."

Mr Hwang stated: "I am honored to be appointed and excited to lead Giga forward. 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. With a solid balance sheet and improving financial performance, we are well-positioned to generate strong returns and sustained growth in shareholder value."

"On behalf of the entire board, I would like to thank John for his dedicated service and many strong contributions to GigaMedia," stated Chairman Mo-Na Chien. "He has been a driving force in the turnaround of the company and we wish him the best."