SEOUL, South Korea,
June 4, 2020 /PRNewswire/ --
MagnaChip Semiconductor Corporation ("MagnaChip" or "Company")
(NYSE: MX) today announced the appointment of Camillo Martino as its new non‑executive
Chairman of the Board of Directors (the "Board"), effective
June 11, 2020, immediately following
MagnaChip's upcoming Annual Meeting of Stockholders.
Mr. Martino succeeds Nader
Tavakoli as the Company's Chairman. Mr. Tavakoli
will remain a director on the Company's Board and continue to serve
as a member of the Audit, Compensation and Risk Committees.
Mr. Tavakoli joined MagnaChip's Board in 2009 and has
served as its non‑executive Chairman since late 2018, shortly
before the Company's announcement that it would undertake a
strategic review.
The strategic review process was successfully completed with the
Company's announcement in March 2020
of a definitive agreement to sell its Foundry business and Fab 4 to
a special purpose company in South
Korea established by Alchemist Capital Partners Korea Co.,
Ltd. and Credian Partners, Inc. for a transaction value of
approximately $435 million.
Following the completion of the sale, MagnaChip will be a
pure-play products company focused on the attractive high‑growth
opportunities in the Display and Power market segments.
"It was an honor to have served as Chairman of the Board of
Directors of MagnaChip," said Mr. Tavakoli. "When I
assumed the role, my goal was to help unlock the significant
shareholder value at the Company and position it for future success
by deleveraging the balance sheet, while at the same time making it
a more streamlined pure-play product company. The announced
transaction is expected to close in the September-October timeframe
and will fully achieve that objective. I firmly believe
Camillo is the right person to be appointed as the new Chairman,
allowing me to devote more of my time to new initiatives and
opportunities related to the current business environment in
corporate credit and restructurings."
"The Board thanks Nader for his leadership as Chairman," said
Mr. Martino. "I am thankful for the opportunity to serve
as Chairman and look forward to working with the entire Board of
Directors and the management team to transform MagnaChip into a
pure-play products company to drive sustainable and profitable
growth."
"The Company and the management team would like to express their
appreciation to Nader for his dedicated service as Chairman and for
his leadership during the important strategic review process," said
YJ Kim, MagnaChip's Chief Executive Officer and a member of the
Board of Directors. "I also look forward to working with
Camillo and drawing upon his vast knowledge and experience in the
semiconductor industry. His decades of expertise,
particularly in semiconductor products, will play a vital role as
we enter an exciting new chapter."
Mr. Martino has served on MagnaChip's Board since
2016 and is also currently serving on the board of directors
of Sensera Limited. Mr. Martino also serves on the board
of directors of several privately held companies, including VVDN
Technologies, Keracel and CyberForza. Mr. Martino
previously served as a director of Cypress Semiconductor until the
closing of its sale to Infineon in April
2020 and was also the Chief Executive Officer and director
of Silicon Image until it was acquired by Lattice Semiconductor in
2015. His semiconductor experience also includes the position
of Chief Operating Officer at Zoran Corporation, and earlier in his
career, he served at National Semiconductor in four different
countries including Japan and
China over a nearly 14-year
period.
Mr. Tavakoli has served as an investor, executive and
advisor in complex corporate financial and operational
restructurings for more than 30 years. Over the last year,
Mr. Tavakoli has been engaged in senior executive and
consulting roles in a number of large restructurings, including
Cobalt International Energy, MF Global Inc., Sears and Toys "R"
Us. Mr. Tavakoli is the Founder and CEO of EagleRock
Capital Management and has recently formed Global Restructuring
Advisors to assist creditors and boards of directors with the
restructuring and wind‑down of unprofitable businesses.
The following link provides additional information on each of
the directors who serve on the Company's Board of Directors:
http://investors.magnachip.com/corporate-governance/board-of-directors.
About MagnaChip Semiconductor
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 more than 40
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:
So-Yeon Jeong
Investor Relations
Tel: +1.408-712-6151
Investor.relations@magnachip.com
In Korea:
Chankeun Park
Director, Public Relations
Tel. +82.2.6903.3195
chankeun.park@magnachip.com
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SOURCE MagnaChip Semiconductor Corporation