Samsung Chief Steps Down from Board at Fiat Chrysler

      April 13, 2017 12:38

      Lee Jae-yong

      De facto Samsung chief Lee Jae-yong has resigned his post as an independent director on the board of Exor, the Agnelli family's investment company that controls carmaker Fiat Chrysler.

      Lee has been in a remand jail since February on charges of bribery and embezzlement in the massive corruption scandal that brought down President Park Geun-hye.

      Sources on Wednesday said an Exor board meeting in Amsterdam earlier this month authorized the replacement of four independent directors, including Lee.

      Exor chairman John Elkann wrote on the company's website, "Their wise counsel during a particularly intensive and complex period has been decisive in making Exor what it is today" but did not elaborate why Lee was replaced.

      Lee had been in the post since May 2012. One industry source said, "The independent counsel team slapped a travel ban on Lee and even arrested him, so he had to miss a series of board meetings."

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