Magnachip Semiconductor Corporation (NYSE: MX) announced today that shareholder Gilbert Nathan will join its Board of Directors pursuant to the terms of an agreement entered into with Mr. Nathan and two of his affiliated entities. Under the terms of the Agreement, Mr. Nathan will immediately join the Company as an observer of the Company’s Board of Directors and any ad hoc Strategic Review Committee of the Board. In addition, reasonably promptly following the Company’s 2023 Annual Meeting of Stockholders, the Board will appoint Mr. Nathan as a director. Mr. Nathan will serve on the Strategic Review Committee upon becoming a member of the Board. After the appointment of Mr. Nathan to the Board following the 2023 Annual Meeting of Stockholders, the Board will be comprised of seven directors.
“We welcome the addition of Mr. Nathan to the Magnachip board. The board looks forward to leveraging Mr. Nathan’s financial advisory and consulting experience as we work to continue to enhance the value of Magnachip for our shareholders,” stated Camillo Martino, Chairman of the Board of Magnachip.
“I’d like to thank the board of Magnachip for welcoming me. I look forward to joining this board of highly qualified directors and bringing my perspective as an investor to the board as we work together to maximize shareholder value,” said Gilbert Nathan, Managing Member of Jackson Square Advisors LLC.