Samsung Electronics, a major tech company based in South Korea, announced on Tuesday that co-CEO Han Jong-Hee has passed away due to cardiac arrest at the age of 63.
Han was in charge of Samsung’s consumer electronics and mobile devices division, while co-CEO Young Hyun oversaw the company’s chip business.
He passed away at the hospital while receiving treatment for cardiac arrest, and a successor has not yet been named, according to a company spokesperson.
In recent quarters, Korean companies have faced challenges due to declining revenue and selling prices, falling behind competitors in memory chip technology and contract chip manufacturing. Additionally, Samsung has lost its position as the leader in the smartphone market to Apple.
Having joined Samsung Electronics almost 40 years ago, Han built his career in the television industry and eventually rose to the position of Vice Chairman and CEO in 2022. He also served as a board member of the company.
During a recent shareholders meeting led by Han, shareholders expressed dissatisfaction with the company’s failure to capitalize on the AI market trend.
Samsung is currently behind in the semiconductor sector, particularly in HBM chips compared to competitors like SK Hynix. Han acknowledged the company’s shortcomings in addressing the rapidly evolving AI semiconductor market.
Han was expected to attend Samsung’s appliance launch event on Wednesday, but his passing has left a void in the company’s leadership.
Source: www.theguardian.com