Samsung heir to be named outside director of Fiat‘s holding firm
The heir apparent of Samsung Group, Korea largest family-run conglomerate, is expected to be named an outside director of a holding company that controls Italian automaker Fiat S.p.A., sources said Monday.
Samsung sources said Lee Jae-yong has been recommended to the post at Exor S.p.A., with the company's upcoming stockholders meeting to confirm the decision.
Lee is chief operating officer (COO) at Samsung Electronics Co., the world's largest mobile phone and memory chip manufacturer. He is the only son of Samsung Group owner Lee Kun-hee.
It is very rare for a local business leader to be named an outside director of a well-known foreign company, the sources said.
Exor was created by Gianni Agnelli in 1927, and runs Italy's largest automaker Fiat, which also owns luxury brands such as Ferrari, Alfa Romeo, Maserati and Lancia. The industrial holding company, in addition, bought U.S. automaker Chrysler in 2011, which has Jeep, Ram and Dodge as its automotive brands.
The sources said Lee and John Elkann, Gianni Agnelli's grandson and current head of Fiat S.p.A, are acquainted with each other, with the tie-up likely to help the Italian carmaker expand cooperation with the South Korean tech giant in electronics and information technology areas. (Yonhap)