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Exor proposes Lee as independent board director

Exor, an Italy-based investment holding company, has proposed Lee Jay-yong, president and chief operating officer of Samsung Electronics to be its board’s independent director.

Lee is the only son of Lee Kun-hee, the owner of Korea’s largest conglomerate Samsung Group. Exor, meanwhile, is controlled by the Agnelli Family.
Lee Jay-yong
Lee Jay-yong

Exor, whose portfolio includes Fiat and Chrysler, said in a press release on May 4 that it has filed candidates, including Lee, for the board of directors to its shareholders for possible approval at its annual general meeting, scheduled to be held on May 29.

A spokesperson for Samsung Electronics said that Lee is most likely to become Exor’s independent director by accepting the investment holding firm’s proposal.

The Italian investment firm has introduced Lee on its press release, saying that he earned his bachelor’s degree in History from Seoul National University, an MBA from Keio University in Japan and attended a doctoral program at Harvard Business School. Furthermore, it noted that he has served as Samsung Electronics’ COO since 2009, and president since 2010.

Media reports claimed that Lee is close to John Elkann, the CEO of Exor and grandson of Gianni Agnelli, who is the founder of Exor and Fiat.

Lee’s connection with Exor is expected to pave the way for Samsung Group’s tech subsidiaries to forge partnerships with Exor’s automobile companies in renewable batteries, reports said.

By Park Hyong-ki (