SEOUL, South Korea and
SAN JOSE, Calif., Nov. 29, 2018 /PRNewswire/ -- MagnaChip
Semiconductor Corporation ("MagnaChip" or "Company") (NYSE: MX)
today announced the appointment of Nader
Tavakoli as its new non-executive Chairman of the Board of
Directors, effective November 26,
2018. Mr. Tavakoli replaces Gary
Tanner as the Company's Chairman. Mr. Tanner will
remain a Director on the Board and will continue to serve as a
member of the Audit, Compensation and Risk Committees of the
Board. Mr. Tanner joined MagnaChip's Board in August 2015, and has served as its non-executive
Chairman since October 2016.
"The Board wishes to thank Gary for his leadership as Chairman
of the Board, helping to lead MagnaChip's growth and the building
of a solid foundation for future success," said Nader Tavakoli. "I am honored to have been
appointed as MagnaChip's Chairman, and I look forward to working
with the entire Board of Directors and the management team to
improve profitability and build shareholder value."
Mr. Tavakoli has served on MagnaChip's Board of Directors since
2009. He has served on, and chaired, various committees of
the Board, and is currently a member of the Audit, Compensation and
Risk Committees. Mr. Tavakoli is the Chief Executive Officer
of Cobalt International Energy and serves as a Plan Administrator
of MF Global Inc. Mr. Tavakoli served as the Chairman, CEO
and President of Ambac Financial Group and Ambac Assurance
Corporation, having led the successful operational and financial
restructuring of Ambac from 2012 through 2016. Mr. Tavakoli
also has served on a number of Boards in diverse industries,
including as Chairman of the Board of the holding company for Aman
Resorts Group, an international hospitality and real estate
development company, and as a director of NextWave Wireless, Inc.,
prior to that company's sale to AT&T Inc.
"I look forward to working with Nader, our new Chairman, to
build a stronger and more profitable MagnaChip," said YJ Kim,
MagnaChip's CEO and Director. "And we are very grateful that
MagnaChip will continue to benefit from Gary's leadership on the
Board."
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 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 over 30 years of
operating history, owns a portfolio of more than 3,000 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:
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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
|
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SOURCE MagnaChip Semiconductor Corporation