MagnaChip CFO Margaret Sakai Resigns - Quick Facts

(RTTNews) - South Korea-based MagnaChip Semiconductor Corp (MX) said Friday its Executive Vice President and Chief Financial Officer Margaret Sakai has resigned. Sakai also quit all other officer and director positions with the company and its subsidiaries, MagnaChip said.

MagnaChip said its board has named Jonathan Kim, the company's senior vice president and chief accounting officer, as interim CFO, while a search for a permanent replacement is on.

The company reiterated that its Audit Committee has commenced an internal review into the company's accounting practices and procedures. While substantial progress has been made, MagnaChip expects that the review and work with regard to its earlier announced restatement will take several more months.

MagnaChip stock closed Friday at $14.51, up $0.28 or 1.97%, on a volume of 125k shares on the NYSE. In after hours, the stock dropped $0.37 or 2.55% at $14.15.