Samsung Electronics co-CEO Jong-Hee Han died from a coronary heart assault on Tuesday at age 63, the corporate confirmed.
Han, who took over as CEO and vice chairman in 2022 and oversaw the corporate’s shopper electronics and smartphone divisions, died after being handled for cardiac arrest at a hospital, the corporate stated.
“Our deepest condolences are with his family and loved ones during this difficult time,” Samsung stated.
Younger-Hyun Jun, who heads up Samsung’s pc chip and elements division, will function the corporate’s sole CEO following Han’s dying, the corporate stated in a regulatory submitting.
Shares of Samsung had been down barely on South Korea’s inventory trade following the announcement.
The tech large has struggled to maintain tempo with key rivals in pc chip improvement in current quarters because the sector makes large investments in synthetic intelligence. Key rival Apple additionally handed Samsung and have become the world’s prime vendor of smartphones in January.
General, Samsung’s inventory has fallen greater than 20% during the last 12 months.
Han had apologized for Samsung’s current droop in the course of the shareholder assembly final week. He additionally vowed that Samsung would adapt to any challenges posed by President Trump’s tariff plans.
“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,” Han stated on the time.
A longtime Samsung government, Han had labored on the firm since 1988 and was extensively credited with serving to flip the South Korea-based agency into the world’s prime TV producer.
In April 2024, Samsung stated it will double its funding in Texas to $44 billion whereas constructing out new chip manufacturing capabilities within the state.
With Submit wires
