Dr. Henry Yuen is resigning as the CEO of Gemstar-TV Guide International Inc. and will be replaced by Jeff Shell. CFO Elsie Leung is also leaving her post, which will be filled by Paul Haggerty.
Yuen will continue as chairman of the board in a nonexecutive capacity. He will lead a business unit formed to pursue international business development opportunities and will continue to work on the company's program guides and interactive technologies. As part of his exit agreement, Gemstar will retain all intellectual property relating to the company's business that he has developed. The company will also have the right of first refusal to certain future inventions related to iTV and interactive programming guides for a period of time.
Haggerty will become the acting CFO upon Leung's departure. He is currently the executive VP for finance at News Corp., which owns approximately 42 percent of Gemstar's outstanding stock. Leung will remain as a member of the board and will work with Yuen on international business opportunities. Gemstar will be conducting a search for a permanent CFO.
Gemstar is currently under investigation by the SEC for questionable accounting practices.
