SEOUL, South Korea and
SAN JOSE, Calif., March 1, 2020 /PRNewswire/ -- MagnaChip
Semiconductor Corporation ("MagnaChip" or the
"Company") (NYSE: MX) today announced that Jonathan Kim, MagnaChip's Chief Financial
Officer, Executive Vice President and Chief Accounting Officer, is
stepping down effective March 27,
2020 to pursue an executive opportunity outside of the
semiconductor industry. Mr. Kim is expected to continue to
serve in a consulting role for the Company through May 2020 to assist in the transition. The
Company has initiated a search process to identify a permanent
Chief Financial Officer and has retained an executive search firm
to assist with the process.
The Company also announced that Shinyoung Park has been promoted to Chief
Accounting Officer, effective immediately. Ms. Park has been
with MagnaChip since 2014, most recently serving as Corporate
Controller and as a member of the executive team. Prior to
joining the Company, Ms. Park held various senior advisory and
audit service positions for 10 years with Deloitte in three
different locations—Chicago, Illinois, Seoul,
South Korea and London,
U.K.
MagnaChip's Chief Executive Officer, YJ Kim, said: "On behalf of
the Board of Directors and the entire management team, I thank
Jonathan for his numerous contributions to MagnaChip over the last
6 years." Mr. Kim added, "Ms. Park is a highly valued member
of the executive team, and we are fortunate that she will be
continuing her leadership role in a strong finance and accounting
team with a deep bench of talent."
Jonathan Kim said, "It has been
an honor to be a part of MagnaChip's management team, serving its
many stakeholders and assisting with the turnaround and growth of
the Company. I wish to thank the Board, management team and
employees of MagnaChip for their support during my
tenure."
Strategic Evaluation Process for Foundry Business and Fab
4
Our strategic evaluation process continues to make
progress, including having discussions with multiple interested
parties toward a possible sale of the Company's Foundry business
and Fab 4, as well as consideration of accretive business
conversions and other options related to that business. Our
decisions regarding the outcome of the various options of the
strategic evaluation process will be guided by what the Board and
management consider to be the best available path to improve
MagnaChip's profitability and to maximize shareholder value.
About MagnaChip
Semiconductor Corporation
MagnaChip is a
designer and manufacturer of analog and mixed-signal semiconductor
platform solutions for communications, IoT, consumer, industrial
and automotive applications. The Company's Standard Products Group
and Foundry Services Group provide a broad range of standard
products and manufacturing services to customers worldwide.
MagnaChip, with 41 years of operating history, owns a portfolio of
approximately 2,950 registered patents and pending applications,
and has extensive engineering, design and manufacturing process
expertise. For more information, please visit www.magnachip.com.
Information on or accessible through, MagnaChip's website is not a
part of, and is not incorporated into, this release.
CONTACTS:
|
|
In the United
States:
Bruce
Entin
Investor
Relations
Tel.
+1-408-625-1262
Investor.relations@magnachip.com
|
In
Korea:
Chankeun
Park
Director, Public
Relations
Tel.
+82-2-6903-5223
chankeun.park@magnachip.com
|
View original
content:http://www.prnewswire.com/news-releases/magnachip-semiconductor-announces-cfo-transition-301014069.html
SOURCE MagnaChip Semiconductor Corporation