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Samsung Electronics co-CEO Han Jong-hee has died at age 63 from cardiac arrest, the company announced Tuesday.
Han, who was being treated in a hospital, had been leading Samsung‘s consumer electronics and mobile devices division alongside co-CEO Jun Young-hyun, who oversees the chip business.
Newsweek reached out to a press contact at Samsung via email on Monday for comment.
Why It Matters
Han’s sudden death creates a leadership vacuum at a critical time for South Korea’s largest company, which has been struggling with declining earnings, lagging share prices and increasing competition in key markets.
His death comes just days after he chaired Samsung’s shareholders meeting, where he apologized for the company’s failure to capitalize on the artificial intelligence boom, which has contributed to Samsung becoming one of the worst-performing tech stocks last year.
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What To Know
Han is credited as a key figure in the development and marketing of the company’s television business. He became vice chairman and CEO in 2022 and was one of four executive directors at the company.
Under his leadership, Samsung faced mounting challenges, including falling behind rivals in advanced memory chips and contract manufacturing, while also losing its smartphone market leadership position to Apple.
What People Are Saying
Han Jong-hee, during a recent shareholders meeting: “First and foremost, I sincerely apologize for the recent stock performance not meeting your expectations. Over the past year, our company failed to adequately respond to the rapidly evolving AI semiconductor market.”
A Samsung spokesperson: A company representative confirmed Han’s passing, noting that “a successor had not yet been decided.”
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What Happens Next
The company was scheduled to hold a launch event for new home appliances on Wednesday, which Han had been expected to attend. Investors will be watching closely for announcements regarding succession plans and whether Han’s death will accelerate or alter Samsung’s strategy to address its competitive position in AI chips and other key market segments.
