Samsung Electronics Co-CEO, Han Jong-hee died at the age of 63 after a heart attack, announced the company.
Han spoke last week during the annual shareholders' meeting of the company, where he recognized the wrestling stock prices of Samsung and apologized for the disappointing figures.
Samsung said that Han devoted more than 37 years of his life to the company and told CNN that he helped to promote growth during a 'challenging business environment'.
The deceased CEO obtained his diploma in electrical engineering at Inha University in South Korea in 1988 before he started the company.
Han worked and took over the Samsung research and development team in visual display business in 2011.
In 2022 he took over as vice chairman and CEO, who supervised the digital devices of the company, including electronics and mobile devices. He was also one of the four executive directors on the company's board.
“Han was the key figure behind making Samsung's TV company on a global scale,” a Samsung analyst told Reuters.
“With his sudden death … there may have some long -term impact on the business strategy, in particular in areas such as marketing.”
Samsung Electronics Co-CEO, Han Jong-hee, 63, died in the hospital after a heart attack
Han started in the company in 1988 and worked his way to CEO and Vice chairman, who has been in these roles since 2022
Samsung has struggled financially, considerably lagging behind the most important competitor, Apple in 2024
Jun Young-Hyun, who, like Co-CEO, will now take over the only CEO in the aftermath of the death of Han.
Jun was promoted last November to the Semiconductor Division of Samsung in Leiden and was announced as Co CEO during last week's shareholders' meeting.
Samsung has not yet revealed whether Jun will continue to serve in the position itself, or whether a successor to Han's position will be called.
The company usually has two CEOs, one that supervises the consumer divisions of Samsung, while a different heads -up teams that focus on developing computer chips.
Han's death follows a difficult year for Samsung while the company struggled to successfully integrate the rise of artificial intelligence.
The company was one of the worst performing technical shares of the year and fell by 1.16 percent on Tuesday.
Samsung has also left behind the biggest competitor, Apple, who has seen an increase in the stock market and has risen by 1.37 percent.
Jun Young-Hyun is the only CEO in force in force in the aftermath of Han's sudden death
Samsung leaders apologized to the shareholders during a meeting last week for disappointing figures in 2024
Apple shipped more smartphones than Samsung did last year and reported a higher annual income.
Samsung also faces challenges in the midst of the new rates of President Trump. The company has a production basis in Mexico, which is now a rate of 25 percent.
During the company shareholders' meeting last week, Han predicted alongside the other Samsung executives that would continue to bring 2025 hardships under the new rates, Reuters reported.
Managers insured shareholders that Samsung would try to respond flexibly, but acknowledged the extra challenges that the company was confronted with.
