Samsung CEO Han Jong-hee suddenly passed away due to cardiac arrest. The Korean giant has been facing many difficulties as profits have fallen and stock prices have weakened.

According to  Reuters , a Samsung spokesperson confirmed by phone that CEO Han Jong-hee passed away on the morning of March 25.

According to  Chosun Biz , Mr. Han Jong-hee suffered a cardiac arrest after his daughter’s wedding on March 22. He was taken to Seoul Samsung Hospital for emergency treatment, but did not survive.

Mr. Han was scheduled to speak at a major Samsung event on March 26, but the company announced on March 24 that it would reschedule the speech for someone else. His funeral will take place on March 27.

Han Jong-hee is the head of Samsung Electronics’ mobile and consumer electronics businesses . He also became co-CEO of Samsung Electronics, overseeing the company’s chip business with Jun Young-hyun.

Mr. Han Jong-hee passed away on the morning of March 25 (Photo: Reuters).

Previously, Mr. Han Jong-hee appeared at the annual shareholders’ meeting held on March 19 in Suwon City, South Korea to admit to shareholders that Samsung’s technological competitiveness has weakened in recent years.

Samsung is facing increasingly fierce competition from Chinese rivals in smartphones, TVs and consumer electronics. The South Korean tech giant has also lost its position as the world’s largest smartphone maker to Apple.

The company has also struggled with falling profits and a weak stock price , and has lagged behind rivals in advanced memory chips and made-to-order chipmaking.

At the meeting, company leaders were questioned by shareholders for failing to take advantage of the AI ​​wave, causing Samsung’s shares to be among the worst performers of the past year.

“I sincerely apologize for the recent stock price not meeting your expectations. Over the past year, the company failed to respond to the rapid changes in the AI ​​chip market,” Han said.

To salvage the situation, he pledged that the company would pursue “meaningful achievements” in mergers and acquisitions (M&A) as a way to restore growth.

At that time, Samsung Chairman Lee Jae-yong also sent an urgent message to thousands of senior leaders of the group. He emphasized that Samsung was facing an existential crisis and needed to change to survive or accept failure.

“Samsung is facing a life-or-death situation. We need to take a deep look at ourselves from the top. We must invest in the future, even if it means sacrificing short-term profits,” Chairman Lee stressed.

Samsung CEO passes away

Samsung announced on March 25 that Han Jong-hee, the company’s co-CEO, died of cardiac arrest at the age of 63.

Jong-hee died while being treated at a hospital in South Korea, a Samsung spokesman said, adding that a successor had not yet been decided.

Meanwhile, Chosun Biz reported that Mr. Jong-hee suffered a cardiac arrest after attending his daughter’s wedding on March 22 and was rushed to Seoul Samsung Hospital but did not survive. He was scheduled to speak at a company event on March 26.

Mr. Han Jong-hee’s funeral will take place on March 27.

Samsung Vice Chairman and Co-CEO Han Jong-hee at an event in Suwon, Gyeonggi Province in 2024. Photo: Samsung

Jong-hee joined Samsung in 1988 and is credited with leading the company to global leadership in the TV industry. He was appointed vice chairman and CEO of Samsung Electronics in 2022. He is also a board member of the company, in charge of the mobile and consumer electronics divisions. Samsung also has another CEO, Jun Young-hyun, who oversees the semiconductor business.

According to Reuters , the incident occurred in the context of Samsung’s mobile division facing increasingly fierce competition from rivals, especially Apple and Chinese brands. In other consumer electronics such as TVs, refrigerators, washing machines, etc., the Korean company is also having difficulty maintaining its position.

Previously, Mr. Jong-hee held a number of meetings to discuss the current situation of Samsung. Most recently, on March 19, at a meeting with shareholders in Suwon, he frankly pointed out that the company’s technological competitiveness had weakened in recent years, and pledged to “pursue meaningful achievements” to recover this year, including a strategy on mergers and acquisitions.