Magnachip Semiconductor LLC (MX)

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MagnaChip (MX) Tops Q1 EPS by 10c; Appoints New CEO

http://www.streetinsider.com/Earnings/MagnaChip+%28MX%29+Tops+Q1+EPS+by+10c%3B+Appoints+New+CEO/10605060.html

MagnaChip (NYSE: MX) reported Q1 EPS of ($0.28), $0.10 better than the analyst estimate of ($0.38). Revenue for the quarter came in at $164.9 million versus the consensus estimate of $179.55 million.

The Company also announced the appointment of YJ Kim, a semiconductor industry veteran, as Chief Executive Officer and a member of the Company's Board of Directors, and Jonathan Kim as Executive Vice President and Chief Financial Officer. Both held the same posts on an interim basis for the past year. In addition, the Company named Theodore Kim as Executive Vice President and Chief Compliance Officer, a newly created position, reporting directly to the Board of Directors. He continues to serve as General Counsel.

On behalf of MagnaChip's Board, Chairman Doug Norby said, "I am pleased that, after conducting a broad and thorough search process, the Board has unanimously appointed YJ to lead MagnaChip and Jonathan to serve as CFO. As interim CEO, YJ provided strong leadership and strategic vision to the Company during this important period. Jonathan successfully led the completion of the restatement process, and has proven himself to be a very capable financial executive. The Board looks forward to working with the two leaders to improve MagnaChip's performance."