Magnachip Semiconductor Corporation, listed on the NYSE as MX, has announced that its Board of Directors has approved a significant corporate governance initiative. This initiative is designed to enhance independent Board oversight and provide feedback to management as the company transitions to a pure-play Power business. The Board is focused on the successful implementation of the management's 3-3-3 strategy, which aims to achieve $300 million in annual revenue and a 30% gross margin within three years. This strategy aligns Magnachip's product roadmap, R&D investments, and operational priorities to drive structural improvements and sustainable profitability. Key to this initiative, Chairman Camillo Martino will spend additional time at the company's headquarters in Korea to assist with the oversight responsibilities of the Board during the strategy's execution. His presence is expected to facilitate streamlined communication between management and the Board, ensuring timely feedback as Magnachip pursues new opportunities in Power discrete and Power IC products. This effort is part of the company's commitment to achieving profitable growth and maximizing shareholder value. Martino is anticipated to be on-site for several days each month for the remainder of 2025 to report on the company's progress and provide feedback on behalf of the Board.