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.
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SOURCE MagnaChip Semiconductor Corporation