Magnachip Semiconductor Corporation received a letter of resignation, dated September 5, 2023, from Mr. Mel Keating, a member of the board of directors of the Company, whose resignation was accepted by the Board and effective as of September 5, 2023.

Now that the Company has announced its plan to separate its Display and Power operations into two distinct legal entities, Mr. Keating has decided that, after over 7 years of service as a member of the Board, during which time he led the Audit Committee and the Strategic Review Committee, and given other important and time consuming business obligations, it was the right time to conclude his service to the company.

Mr. Keating’s resignation is not due to any disagreement with the company over any of its financial reporting, operations, policies or practices.

Original – Magnachip Semiconductor