Samsung Electronics announced on Tuesday that its co-chief executive officer Han Jong-hee has passed away due to cardiac arrest at the age of 63. Han, who led Samsung’s consumer electronics and mobile devices division, died at a hospital while undergoing treatment, a company spokesperson confirmed. A successor has not yet been decided, Reuters reported.
Han’s passing comes at a critical time for Samsung, which has struggled with weak earnings and declining stock prices. The company has fallen behind rivals in advanced memory chips and contract chip manufacturing, both of which have seen strong demand due to the AI boom. Samsung has also lost its position as the world’s top smartphone maker to Apple.
Despite the news, Samsung Electronics’ shares remained flat in morning trading.
Han spent nearly 40 years at Samsung, primarily building his career in the TV business. He was appointed vice chairman and CEO in 2022 and was also a board member.
Just last week, Han chaired Samsung’s annual shareholder meeting, where he and other executives faced tough questions about the company’s underperformance in AI-related semiconductor markets.
“First and foremost, I sincerely apologise for the recent stock performance not meeting your expectations,” Han said at the meeting. “Over the past year, our company failed to adequately respond to the rapidly evolving AI semiconductor market.” He was scheduled to attend a major Samsung launch event for new home appliances on Wednesday.