SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2003
Commission File Number: 000-30540
GIGAMEDIA LIMITED
122 TunHua North Road, 14th Floor
Taipei, Taiwan (R.O.C.)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F [ x ] Form 40-F [ ]
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [ ] No [ x ]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b) :82- .)
GIGAMEDIA LIMITED is furnishing under cover of Form 6-K:
GigaMedia Names New CEO, Appoints Two New Board Members
(GIGAMEDIA LOGO)
GIGAMEDIA NAMES NEW CEO,
APPOINTS TWO NEW BOARD MEMBERS
TAIPEI, Taiwan, December 1, 2003 - GigaMedia Limited ("GigaMedia" or the
"Company") (Nasdaq: GIGM, www.giga.net.tw), a diversified provider of online and
offline entertainment services in Taiwan, today announced the appointment of
Arthur Wang, 42, as its new chief executive officer and as a director of the
Company. The Company also announced the addition of two new directors to the
board. All changes are effective immediately.
Mr. Wang is currently the managing partner of Capital Limited, an Asian
investment firm based in Hong Kong, and a member of the board of Linmark Group,
a Hong Kong Stock Exchange listed global sourcing firm, where he serves as chair
of the audit committee of the board. Previously, Mr. Wang was an executive
director of KGI Asia Limited, the investment banking arm of the Koos Group of
Taiwan. At KGI, Mr. Wang served as head of corporate finance, responsible for
mergers, acquisitions and financial advisory work in Asia and North America, as
well as a wide range of private equity investment activity. Mr. Wang also served
as an investment advisor and board member of UFJ Asia Finance Technology Fund of
the UFJ Group (formerly the Sanwa Bank Group of Japan), and as board member and
director of Softbank Investment International (Strategic) Limited, the Hong Kong
Stock Exchange listed arm of Softbank Corporation. He has extensive experience
working as a board member with listed companies in Australia and Thailand, as
well as with private companies. Mr. Wang received his bachelor of arts degree
from the University of California at Los Angeles and his Juris Doctorate degree
from Yale Law School. He practiced corporate and securities law in the Hong Kong
offices of Skadden, Arps, Slate, Meagher & Flom LLP.
Raymond Chang has resigned as chief executive officer to pursue other interests,
but will remain as an advisor and be available to the new CEO during an interim
handover period.
Daniel Wu, chairman of the board of GigaMedia said, "Arthur will focus on
developing and executing our growth strategy going forward. He has proven
leadership and strategic skills, combined with an excellent understanding of our
businesses and extensive experience in leading transformation in technology
businesses. Our company is clearly making solid progress in its operating
performance and we are excited at the prospect Arthur's leadership offers for
the future growth of GigaMedia."
Mr. Wu continued, "Raymond was one of the founders of GigaMedia and made great
contributions in guiding the Company through its initial public offering and
development. We appreciate his hard work on behalf of our Company, and wish him
the best in his
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future pursuits. I also want to thank Raymond for his continued commitment
during this transition period."
In addition, Mr. Emmet Yu-Jui Hsu and Gilbert Bao have each been appointed to
GigaMedia's board of directors as independent directors. Mr. Hsu is currently
chairman and president of Shihlin Electric & Engineering Corp. and president of
Hsinchu Transportation Co. Ltd. in Taipei, Taiwan. He majored in business
administration at the University of Southern California and received an MBA from
Chengchi University in Taiwan.
Gilbert Bao is currently vice chairman of Chung Shing Textile Co., Ltd.,
executive director of Taiwan Cotton Spinners Association, and executive director
of Taiwan Manmade Fiber Industry Association. He graduated from the University
of Southern California in 1986.
ABOUT GIGAMEDIA
GigaMedia Limited (Nasdaq: GIGM) is a diversified provider of entertainment
services in Taiwan. The Company's online/offline business model provides the
Company multiple distribution channels, deep customer relationships and the
ability to meet future market demands as technology drives new media and
entertainment industry change.
Offline, GigaMedia operates Taiwan's two largest music store chains, Rose
Records and Tachung Records through its subsidiary G-Music. These businesses
were acquired in February and September of 2002, respectively, and together hold
approximately a 50% share of Taiwan's music retail market.
Online, the Company operates a leading broadband ISP, providing Internet access
service and broadband content with multiple delivery technologies. The Company's
access products consist of premium cable modem and ADSL offerings, giving the
company the ability to deliver superior broadband connections island-wide.
GigaMedia's cable modem is a world-class platform capable of offering broadband
Internet access at speeds of up to 100 times faster than traditional dial-up
services. With 21 cable system partners, the Company's cable modem business
passes more than 3.1 million Taiwan households, as well as 417,000 small and
medium businesses. In addition, the Company offers interactive Chinese-language
multimedia Web sites through its Web destination http://www.gigigaga.com.
Other subsidiary companies of GigaMedia include Koos Broadband Telecom Limited,
a broadband service provider focused exclusively on corporate subscribers in
Taiwan.
Strategic investors of GigaMedia include the Koos Group, a major player in
Taiwan's manufacturing, finance, telecommunications, media, and cable
industries.
More information on GigaMedia can be obtained from < http://ir.giga.net.tw >.
The directors of GigaMedia (including any director who may have delegated
detailed supervision of this announcement) have taken all reasonable care to
ensure that the facts
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stated and opinions expressed in this announcement are fair and accurate and
that no material facts have been omitted from this announcement (the omission of
which would render any statement in this announcement misleading in any material
respect), and they jointly and severally accept responsibility accordingly.
Where any information has been extracted from published or publicly available
sources, the sole responsibility of the directors of GigaMedia has been to
ensure through reasonable enquiries that such information is accurately
extracted from such sources or, as the case may be, reflected or reproduced in
this announcement.
The statements included above and elsewhere in this press release that are not
historical in nature are "forward-looking statements" within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. GigaMedia cautions readers that forward-looking statements are based on
the company's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from those contained in such
forward-looking statements. Information as to those factors that could cause
actual results to vary can be found in GigaMedia's Registration Statement on
Form 20-F filed with the United States Securities and Exchange Commission in
July 2003.
CONTACT:
GIGAMEDIA LIMITED
Brad Miller, Investor Relations Director
886-2-8770-7966 ext. 1107
bradley_miller@corp.giga.net.tw
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GigaMedia Limited
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(Registrant)
Date: December 1, 2003 By: /s/ Hsia, Winston
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(Signature)
Name: Hsia, Winston
Title: Chief Financial Officer