Samsung mourns loss of Co-CEO Han Jong-hee

South Korean tech giant 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.

A company spokesperson confirmed that Han died in hospital while receiving treatment. Samsung has not yet named a successor.

Samsung Electronics shares remained stable in morning trading.

The company has faced financial struggles in recent months, with declining earnings and falling share prices. It has lost ground to rivals in advanced memory chips and contract chip manufacturing, both of which have seen rising demand due to the AI boom. Samsung has also been overtaken by Apple as the world’s top smartphone brand.

Han, who spent nearly 40 years at Samsung, built his career in the TV business before becoming vice chairman and CEO in 2022. He was also a board member.

Last week, Han chaired Samsung’s shareholder meeting, where he and other executives faced tough questions about the company’s failure to capitalise on the AI market, which contributed to its weak stock performance.

During the meeting, Han apologised to shareholders, saying: “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.”

He was due to attend Samsung’s home appliance launch event on Wednesday.