New CEO for Gigamedia

TheStreet.com reports that persistent rumours of an acquisition deal being negotiated between PartyGaming and Gigamedia have heightened interest in the appointment of a new chairman at the Taiwan online gambling group, which owns the popular Everest Poker website and Funtown, the Internet's largest Mahjong site.

Gigamedia this week appointed board member Michael Ding as chairman following the resignation of former chair Daniel Wu on April 30 2009, citing "personal and family obligations" as his reasons for leaving.

GigaMedia's market cap stands a little over $330 million, TheStreet reports. GigaMedia recently dampened expectations in its first quarter outlook, with revenues expected to fall by 10 percent in its gaming software segment. However, the Asian-facing group also expects its Asian online gaming business to grow around 30 percent compared to the fourth quarter 2008.

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