Nader Tavakoli Appointed as Chairman of the Board of MagnaChip Semiconductor

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Nov 29, 2018, 16:05 ET

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:

In the United States:

Bruce Entin

Investor Relations

Tel. +1-408-625-1262

[email protected]

In Korea:

Chankeun Park

Director, Public Relations

Tel. +82-2-6903-5223

[email protected]

SOURCE MagnaChip Semiconductor Corporation