SEOUL, March 25 — Han Jong-hee, co-chief executive officer of Samsung Electronics, has died of cardiac arrest at the age of 63, the South Korean tech giant announced on Tuesday. Han was being treated in a hospital when he passed away, leaving a significant leadership gap within the company during a challenging period marked by rising competition and declining earnings.

Han, who had been overseeing Samsung's consumer electronics and mobile devices division since becoming vice-chairman and co-CEO in 2022, was instrumental in the firm’s television business. He successfully maintained Samsung's position as a leader in the global TV market for nearly two decades. His leadership was crucial as the company faced increasing competition from both Chinese rivals in smartphones and consumer electronics and pressure in the semiconductor industry from competitors like Taiwan Semiconductor Manufacturing Company.

Amid declining market performance and adjusted priorities, Han recently acknowledged the company's struggles to capitalize on developments in artificial intelligence, during a turbulent shareholders meeting just days before his passing. “First and foremost, I sincerely apologize for the recent stock performance not meeting your expectations," he stated, indicating the company's slip in leveraging the AI semiconductor market.

The company has yet to name a successor for Han, who joined Samsung in 1988 and played a fundamental role in elevating its reputation for technological innovation. Investors are closely monitoring Samsung’s next strategic moves to maintain its competitive edge, particularly in AI chips and other critical markets.

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