Gemstar CEO Resigns Amid Reorganization
Gemstar-TV Guide International Inc. said late Tuesday that Chief Executive Henry Yuen resigned as part of a revamp of the Pasadena company unveiled in August when Gemstar began reviewing its accounting.
Yuen has been replaced by company executive Jeff Shell, who was brought aboard Gemstar this year by News Corp., which owns 42%, and its chairman, Rupert Murdoch.
As part of the management shake-up, Chief Financial Officer Elsie Leung also resigned and will be replaced by News Corp. executive Paul Haggerty, the company said.
Gemstar, a maker of software to run on-screen TV program guides and the publisher of TV Guide magazine, in June lost a patent dispute with Scientific-Atlanta Inc., a maker of TV set-top boxes. Gemstar had recorded more than $100 million in revenue over the last three years that it said it expected to collect in patent fees from Scientific-Atlanta.
Under their agreements, Yuen will be chairman of the board in a non-executive capacity and will lead an international business development unit. Leung will work alongside Yuen.
Gemstar shares fell 1 cent, to $2.59, in regular Nasdaq trading before the resignations were announced.
Bloomberg News was used in compiling this report.
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