Samsung Electronics mourns the loss of Co-CEO Han Jong-hee, who passed away due to a sudden heart attack, leaving the company to navigate weak earnings and sagging share prices.
A Veteran Leader with a Long History at Samsung Electronics
Han joined Samsung Electronics nearly 40 years ago and built his career in the TV business. He became vice-chair and CEO of Samsung Electronics in 2022, marking a significant milestone in his illustrious career. As one of the company’s board members, Han played a crucial role in shaping its strategy and direction.
Challenges Facing Samsung in Recent Quarters
In recent quarters, Samsung has been struggling with weak earnings and sagging share prices. The company has fallen behind rivals in advanced memory chips and contract chip manufacturing, which have enjoyed strong demand from artificial intelligence projects. Additionally, Samsung has ceded its smartphone market crown to Apple.
Samsung is a South Korean multinational conglomerate headquartered in Seoul.
Founded in 1938 by Lee Byung-chul, the company began as a trading business and expanded into various industries including textiles, insurance, and electronics.
Samsung Electronics, its flagship subsidiary, is one of the world's largest technology companies, producing smartphones, semiconductors, and home appliances.
With over 320,000 employees worldwide, Samsung operates in more than 80 countries.
A Leader Who Will Be Missed
Han Jong-hee was scheduled to attend Samsung’s launch event for new home appliances on Wednesday, but unfortunately, he passed away before he could fulfill his commitment. His passing marks a significant loss for the company and its stakeholders.
Han’s Apology to Shareholders
During the company’s shareholder meeting last week, Han apologized for the recent stock performance not meeting expectations. He acknowledged that the company failed to adequately respond to the rapidly evolving AI semiconductor market. This admission reflects the challenges facing Samsung in the current market landscape.
- theguardian.com | Samsung Electronics Loses Co CEO to Sudden Heart Attack
