Embattled South Korean analog and mixed-signal semiconductor vendor MagnaChip Semiconductor Corp. has announced another shake-up to its top management team.
For the past year, MagnaChip has been under the microscope for misstating its revenues on product sales for several years prior, coming under fire for artificially inflating its stock price and having to issue revenue restatements for the years 2011, 2012 and 2013. The company also issued a restatement for the first three quarters of 2014. Those results were released in February, showing revenues had suffered as a result of the tumultuous year, dropping 5% from 2013.
Tae Young Hwang, MagnaChip's president and chief operating officer, has resigned from all his position inside the company as well as its subsidiaries. Young-Joon Kim, interim CEO and general manager of MagnaChip’s Display Solutions Division, will assume Hwang’s duties. Kim has been serving as interim CEO since May 2014 after the company revealed it had misstated its revenues for prior years.
MagnaChip also says that Seung-Hoon Lee, senior vice president of manufacturing operations, will oversee the company’s semiconductor manufacturing services on a day-to-day basis.
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