MagnaChip provides update on Board corporate governance initiative

Magnachip (MX) “announced that the Board of Directors of the Company has approved an initiative intended to enhance independent Board oversight and feedback to management in conjunction with the Company’s previously announced transition to a pure-play Power business, implementation of management’s 3-3-3 strategy, and launch of new-generation Power discrete products. The 3-3-3 strategy aims for Magnachip to achieve $300 million in annual revenue and a 30% gross margin over a three-year horizon to align Magnachip’s product roadmap, R&D investments, and operational priorities to drive structural improvements and sustainable profitability.” Camillo Martino, Chairman of Magnachip, said, “I look forward to spending more time on the ground with our management team in Korea to assist the full Board in its oversight responsibilities during the Company’s implementation of its 3-3-3 strategy as a pure-play Power business. Spending additional time on-site with the management team will allow more streamlined and timely communication with the rest of the independent Board members as Magnachip management implements its strategy to deliver new-generation Power discrete and Power IC products while also achieving its financial targets.”