By Paul Ziobro
Magnachip's top two executive agreed to pay cuts until the company posts consecutive quarters with positive operating income.
According to a filing with the Securities and Exchange Commission on Wednesday, Chief Executive Young-Joon Kim has agreed to a 20% reduction is his annual salary, while Chief Financial Officer Shin Young Park is taking a 10% cut to her annual salary, effective April 1.
The reduction will remain in effect until the semiconductor company reports operating income greater than zero for any two consecutive fiscal quarters, according to the filing.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
April 30, 2025 17:59 ET (21:59 GMT)
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