Samsung Electronics Chief Resigned as Non-executive Director of Italy’s Exor

Samsung Electronics Vice Chairman Lee Jae-yong stepped down as a non-executive director at Exor, a holding company of Italy’s Fiat Chrysler Automobiles (FCA).

Accoridng to business industry sources on April 12, Exor held a board meeting in Amsterdam of the Netherlands on April 5 to approve settlement of accounts in 2016. At the meeting, the board of directors passed a proposal to replace four directors including Vice Chairman Lee.

Exor will finally settle the key issues at the shareholders’ meeting to be held on May 30.

Exor Chairman John Elkann posted on the company’s website, “Wise words of advice from the board of directors, including Lee Jae-yong, played a vital role in creating Exor today.” However, he didn’t reveal the specific reasons why Lee is resigned as director.

Lee has served as a non-executive director at Exor from May 2012 on Elkann’s suggestion. However, Lee couldn’t attend the board meeting in November last year as he was forbidden from leaving the country due to “Choi Soon-sil Gate.” He also failed to attend the latest board meeting again because he was placed under arrest in February this year.

Fiat, a major affiliate of Exor, is a global car maker that own luxury car brands, such as Ferrari and Maserati. It is also a partner company of Harman, a U.S.-based audio and in-car infotainment giant acquired by Samsung Electronics. An official from the business industry said, “It is a great shame for Samsung that Vice Chairman Lee’s global network got disconnected at the moment when Harman and Samsung create a synergy in earnest.”