A shocking turn of events hits one of the world's largest tech companies as a key executive passes away unexpectedly.
According to the New York Post, Samsung Electronics co-CEO and vice chairman Jong-Hee Han died from a heart attack on Tuesday at age 63, following treatment for cardiac arrest at a hospital.
The tech giant confirmed Han's death in an official statement expressing condolences to his family. Young-Hyun Jun, who currently leads Samsung's computer chip and components division, will take over as the company's sole CEO following this unexpected leadership transition.
The company has experienced significant setbacks in recent months, with its stock falling more than 20% over the past year.
Samsung's struggle to maintain its competitive edge in computer chip development has become particularly apparent as the industry makes substantial investments in artificial intelligence technology.
In his final public appearance at last week's shareholder meeting, Han addressed these challenges head-on. His candid acknowledgment of the company's recent performance demonstrated his commitment to transparency and accountability in leadership.
During the meeting, Han delivered what would become his final message to shareholders, expressing remorse for the company's recent market performance and pledging to address emerging challenges in the AI semiconductor sector.
Han's journey with Samsung began in 1988, marking the start of a 35-year career that would transform the company's consumer electronics division. His strategic vision and leadership helped establish Samsung as the world's leading TV manufacturer.
Prior to his death, Han had been actively involved in expanding Samsung's presence in the United States. The company announced plans in April 2024 to double its investment in Texas to $44 billion, focusing on enhancing chip manufacturing capabilities.
Under Han's co-leadership, Samsung maintained its position as a global technology leader, though recent months saw increased competition from rivals. Apple notably surpassed Samsung in smartphone sales this January, marking a significant shift in the mobile market landscape.
In what would become his last public statement, Han said:
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.
Jong-Hee Han's sudden passing marks the end of an era for Samsung Electronics, where he served as co-CEO and vice chairman since 2022. His death comes at a crucial time for the tech giant, which faces increasing competition in both the smartphone and semiconductor markets.
The responsibility of steering Samsung through these challenging times now falls to Young-Hyun Jun, who must address ongoing market challenges while maintaining the company's position as a global technology leader. Han's final contributions to Samsung include the ambitious expansion of chip manufacturing in Texas and his candid acknowledgment of the need for strategic improvements in the AI semiconductor sector.
