Mr. Tavakoli to Remain a Member of the Board
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.
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SOURCE MagnaChip Semiconductor Corporation