News Corp’s John Elkann is stepping down from the company’s Board of Directors, effective immediately, the company announced on Friday.
“With his vision and good judgment, John Elkann has been a significant part of our company’s progress. I am grateful for his friendship, and for all he’s done for us at News Corp,” executive chairman Rupert Murdoch said.
Elkann, chairman and chief executive officer of EXOR S.p.A., was a member of the Board since the launch of the “new” News Corp as an independent, publicly traded company following the separation of its businesses from 21st Century Fox in June 2013.
Elkann is leaving the Board in light of the increased demands of his role as chairman and CEO of EXOR S.p.A. and at EXOR’s largest investments, including FCA Group and the newly acquired Partner Re.
“I’m very thankful to have had the chance to serve as a Board member of News Corp during this fascinating period of the company’s history and development. I wish Rupert, Robert and their hugely talented News Corp team continued and growing success in all they do, deploying News Corp’s extraordinary skills and potential to the huge opportunities of a relentlessly more digital world.”
The Board is actively engaged in a process of considering additional independent Director candidates, according to a statement.