-
Magnachip Semiconductor Corporation announced that Gary Tanner has notified the Company of his intention to resign from the Company’s Board of Directors. The Board has accepted his resignation, which was effective as of July 14, 2023.
Mr. Tanner joined Magnachip’s Board in August 2015 and has served in multiple capacities, such as Non-Executive Chairman of the Board, Chair of the Risk Committee, and a member of the Audit, Compensation and Strategic Review Committees. During his tenure, Mr. Tanner has been instrumental to the Company’s trajectory, contributing to the Company’s strategic vision, operational details and corporate governance.
Most recently, Mr. Tanner led the establishment of the Risk Committee’s oversight of the Company’s corporate objectives, goals, strategies and initiatives relating to, and attending risks associated with, environmental, social and governance (“ESG”) matters, including corporate social responsibility, sustainability, public policy and other related matters such as the formation of a management-level ESG Steering Committee.
“Gary’s operational expertise and industry experience have been instrumental to our success and he will be greatly missed,” said Camillo Martino, Magnachip’s Chairman of the Board. “He has consistently brought a valuable perspective to our board deliberations. On behalf of the entire board, I thank him for his service to Magnachip and wish him well in his future endeavors.”
“The Company and the management team would like to express their gratitude to Gary for his dedicated service over the past eight years. He leaves a legacy of excellence that has positioned us well for the future,” said YJ Kim, Chief Executive Officer of Magnachip. “His strategic vision and his commitment to our stakeholders have been a source of inspiration to all of us. We are thankful for his years of service and his commitment to our success.”
Mr. Tanner’s departure is due to personal reasons. The Company will immediately begin a search for a new independent director to replace Mr. Tanner.
Original – Magnachip Semiconductor
-
Magnachip Semiconductor Corporation announced that the Company is separating its display and power businesses into separate entities, following approval by its board of directors and strategic review committee.
YJ Kim, Magnachip’s chief executive officer commented, “This strategic separation represents a significant milestone for Magnachip and underscores the Company’s commitment to unlocking long-term value for our shareholders. The internal separation is aimed at enhancing transparency, accountability and flexibility in business. By establishing distinct entities, we believe our investors will be able to better evaluate the financial performance of each business and their respective contributions. Furthermore, this strategic move will allow each entity to allocate its resources, both financial and technical, more effectively to the specific needs of its customers.”
YJ Kim continued, “Magnachip remains dedicated to delivering innovative solutions and exceptional customer experiences in both the display and power sectors, and we are confident that this separation will strengthen our ability to achieve these objectives by enhancing each business’s agility and focus.”
The Company plans to effectuate the internal separation (the “Internal Split-Off”) by establishing a new subsidiary (“NewCo”) under Magnachip Semiconductor, Ltd. (“Magnachip Korea”), the Company’s operating subsidiary. As part of the transaction, all assets and liabilities of the display business will be contributed to NewCo in exchange for equity. Once the Internal Split-Off is completed, Magnachip Korea and NewCo will both be separate operating companies, with NewCo being a wholly owned subsidiary of Magnachip Korea. The Company’s Gumi fabrication facility will remain with Magnachip Korea as an integral part of its power business.
Post-separation, the board of directors of Magnachip will continue to oversee both operating entities, ensuring cohesive governance, while YJ Kim and the executive management team will manage their business and operations. Each of Magnachip Korea and NewCo will remain indirect wholly owned subsidiaries of Magnachip, and the Internal Split-Off is not expected to have any material impact on the Company’s financial reporting or consolidated financial statements.
The Internal Split-Off is expected to be completed in the fourth quarter of 2023.
Original – Magnachip Semiconductor
-
Magnachip Semiconductor Corporation (“Magnachip” or “Company”) announced that the Company has released a new family of 600V Super Junction Metal Oxide Semiconductor Field Effect Transistors (SJ MOSFETs) consisting of nine distinct products featuring proprietary design technology.
Magnachip’s proprietary design provides specific on-resistance (RSP) reduction of about 10%, and this result was achieved while maintaining the same cell-pitches of previous generation MOSFETs.
In addition, the new product family of 600V SJ MOSFETs is equipped with a fast recovery body diode. This diode technology significantly enhances system efficiency with reduced reverse recovery time (trr) and switching loss. Therefore, the figure of merit to evaluate general performance of MOSFETs was improved by more than 10% compared to the previous generation. As such, these 600V SJ MOSFETs can be used widely in industrial applications, such as solar inverters, energy storage systems, uninterruptible power supply systems, and a variety of electronics.
Among these new MOSFETs, the MMQ60R044RFTH product offers an exceptionally low RDS(on) of 44mΩ, making it an optimal choice for electric vehicle chargers and servers. Omdia, a global market research firm, estimates that the compound annual growth rates of Si MOSFET markets for hybrid & electric vehicles and servers will be 11% and 7%, respectively, from 2023 to 2026.
“Now that we have introduced these 600V SJ MOSFET products, we are aiming to unveil new 650V and 700V SJ MOSFET products with fast recovery body diode in the second half of 2023,” said YJ Kim, CEO of Magnachip. “These new MOSFETs represent a notable achievement for the Company, and we will build upon this success to deliver next-generation power solutions for rapidly changing market requirements and customer expectations.”
Original – Magnachip Semiconductor
