MagnaChip Appoints Dr. Ilbok Lee as New Independent Director

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Aug 29, 2011, 06:00 ET

SEOUL, South Korea and CUPERTINO, Calif., Aug. 29, 2011 /PRNewswire/ -- MagnaChip Semiconductor Corporation (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced that the Company's Board of Directors has appointed Ilbok Lee as a new Independent Director. Dr. Lee has been President and Chief Executive Officer of Silego Technology, Inc., a semiconductor company, since its inception in October 2001.

From 1999 to 2001, Dr. Lee served as Senior Vice President and General Manager of the Timing Division at Cypress Semiconductor Corp., and from 1992 to 1999 served as President and Chief Executive Officer of IC Works, Inc., a semiconductor company he co-founded that was acquired by Cypress in 2001.

Dr. Lee co-founded Samsung Semiconductor, Inc. (U.S.A.) in 1983 and served in various positions at the company, including President and Chief Executive Officer, until 1992. Prior to Samsung, Dr. Lee served in various technical and managerial positions at Intel and National Semiconductor. Dr. Lee received a Ph.D. and M.S.E.E. from the University of Minnesota and a B.S.E.E. from Seoul National University.

"We are pleased to have Ilbok join our Board as a new Independent Director," stated Sang Park, MagnaChip's Chairman and Chief Executive Officer. "His industry experience and knowledge will prove invaluable as we continue to execute on our business plan and position MagnaChip for long-term, profitable growth."

Dr. Lee's appointment fills the vacancy created by Gidu Shroff, who resigned from the Board to focus more time on personal pursuits.

Park continued, "On behalf of the Board, I want to thank Gidu for his service to MagnaChip and the contributions he has made to the Company. His dedication and support are greatly appreciated. We wish him well."

About MagnaChip Semiconductor

Headquartered in South Korea, MagnaChip Semiconductor is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications. MagnaChip Semiconductor believes it has one of the broadest and deepest range of analog and mixed-signal semiconductor platforms in the industry, supported by its 30-year operating history, a large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through, MagnaChip Semiconductor's website is not part of, and is not incorporated into, this release.

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