On September 8, 2016, Michael Elkins resigned from his position as Chairman of the Board of Directors of MagnaChip Semiconductor Corporation, effective immediately. Mr. Elkins served on the Company’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Mr. Elkins resigned because he will be unable to continue as a director of the Company due to a new professional opportunity. On September 8, 2016, the Board of Directors of the Company appointed Melvin Keating as a member of the Audit Committee and appointed Camillo Martino as a member of the Compensation Committee.