Samsung Electronics co-CEO Han Jong-Hee dies of cardiac arrest at 63 | Company Business News-OxBig News Network

Samsung Electronics co-CEO Han Jong-Hee has passed away due to cardiac arrest at the age of 63, reported Bloomberg.

Han headed Samsung’s consumer electronics and mobile devices division. Meanwhile, Jun Young-hyun, another co-CEO, manages the chip business of the South Korea-based tech company.

The death of Jong-Hee comes as South Korea’s largest company faces growing competition from Chinese companies in the smartphone market, TV and other consumer electronics businesses.

Han passed away from cardiac arrest while receiving treatment at a hospital, the report said citing a company spokesperson. He also clarified that there is no decision on the successor yet.

About Han Jong-Hee

Han was appointed Vice Chairman and CEO of Samsung Electronics in 2022, and one of the company’s board members.

Han, born in 1962, started working at Samsung Electronics in 1988 in the Visual Display division. He was popularly seen as a key figure in developing the TV business of Samsung Electronics. The funeral is expected to be conducted at Samsung Medical Center in southern Seoul, with the procession on Thursday, according to a report by Korea JoongAng Daily.

On March 19, Han mentioned that Samsung is exploring major deals to promote growth as shareholders question the company’s failure to pursue the artificial intelligence boom that made it one of the worst-performing tech stocks in 2024, according to a report by Reuters.

“First and foremost, I sincerely apologise 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,” the report quoted Han Jong-hee.

In recent quarters, Samsung Electronics has reported weak earnings and poor share prices as its rivals pursue advanced memory chips and contract chip manufacturing to cater to AI projects.

He also told investors that 2025 would be a difficult year due to uncertainties over economic policies in major economies and the company aims to pursue “meaningful” mergers and acquisitions to promote growth.