Updated: 3rd January 2009, 0756 hrs
Gems TV CEO steps down to cut costs
The chief executive of Singapore-listed Gems TV Holdings has stepped down as part of cost-cutting moves.
The gems maker and retailer will also reduce its global workforce of about a thousand 700, by about 35 percent.
CEO Jason Choo, who's also the grand-nephew of the late Cathay cinema founder Loke Wan Tho, holds a 20.4 percent stake in Gems TV.
This is the largest individual shareholding.
He's been replaced by group chief operating officer Tony Hillyer.
Gems TV has been hit by the global recession.
In the quarter that ended in September, it lost just under 14 million US dollars, more than double the loss a year ago.
Revenue fell 22 percent to 37.4 million dollars.
Gems TV CEO steps down to cut costs
The chief executive of Singapore-listed Gems TV Holdings has stepped down as part of cost-cutting moves.
The gems maker and retailer will also reduce its global workforce of about a thousand 700, by about 35 percent.
CEO Jason Choo, who's also the grand-nephew of the late Cathay cinema founder Loke Wan Tho, holds a 20.4 percent stake in Gems TV.
This is the largest individual shareholding.
He's been replaced by group chief operating officer Tony Hillyer.
Gems TV has been hit by the global recession.
In the quarter that ended in September, it lost just under 14 million US dollars, more than double the loss a year ago.
Revenue fell 22 percent to 37.4 million dollars.
