Pixelworks, Inc. announced the Chairman of the Board of Directors, Richard L. Sanquini, has notified the Company of his intent to retire and not stand for reelection at the Company's 2022 annual meeting, at which time he will transition to a role of Chairman Emeritus. Mr. Sanquini will serve out his remaining term as a director and Chairman, which expires immediately prior to the Annual Meeting. The Board intends to nominate its current director Daniel J. Heneghan to succeed Sanquini as Chairman of the Board following the election of directors at the 2022 Annual Meeting.

Mr. Heneghan has been an independent director on the Board since April 2006, and he currently serves as Chair of the Audit Committee as well as a member of the Corporate Governance and Nominating Committee. Prior to serving as a consultant to the semiconductor industry, he was the Vice President and Chief Financial Officer of Intersil Corporation and also previously served on the board of directors of Freescale Semiconductor, Micrel and NTELOS Holdings.