MagnaChip announces CEO transition

MagnaChip Semiconductor Corporation, a Korea-based designer and manufacturer of analog and mixed signal semiconductor products, today announced that Sang Park, 67, has retired as Chairman, Chief Executive Officer and Director, effective immediately.

The Board has appointed Young-Joon (YJ) Kim, MagnaChip’s Executive Vice President and General Manager of the Display Solutions Division, to serve as interim Chief Executive Officer.  Mr. Kim, a 25-year veteran of the semiconductor industry, will also retain his existing responsibilities.  MagnaChip’s Board also has separated the roles of Chairman and CEO and appointed R. Douglas Norby, Chairman of the Audit Committee, to the position of non-executive Chairman.

“On behalf of the entire Board, I want to thank Sang for his many years of service and dedication to MagnaChip,” said Mr. Norby.  “We are pleased to have an executive of YJ’s caliber to lead MagnaChip as we conduct a search for a new CEO,” added Mr. Norby.  “YJ is well respected by our customers, suppliers, employees and other key stakeholders.  The Board has great confidence in his abilities and we know that our operations will be in capable hands during this transition period.”

“I appreciate the trust that the Board has placed in me during this important time,” said Mr. Kim.  “I look forward to working with our team to ensure that we continue to provide customers and suppliers with the high quality products and service that they have come to expect from MagnaChip.”

The Board will immediately begin the search for a permanent CEO and will be engaging a prominent international search firm to lead the recruitment effort.


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