On March 25, Samsung Electronics announced that co-CEO Han Jong Hee passed away due to cardiac arrest at the age of 63.

According to a Samsung Electronics spokesperson, Mr. Han died in hospital on March 25 while being treated for cardiac arrest. The group has yet to decide on his successor.

Korean media reported that Mr. Han showed signs of cardiac arrest after attending his daughter’s wedding on March 22. He was rushed to the hospital but did not survive.

According to the Korea JoongAng Daily, Mr. Han’s funeral will be held at the Samsung Medical Center in southern Seoul. The funeral is scheduled for March 27.

Mr. Han is in charge of Samsung’s home electronics and mobile devices divisions, while co-CEO Jun Young Huyn oversees the group’s chip business.

CEO Han joined Samsung Electronics nearly 40 years ago, gradually building his career in the TV business.

In 2022, Mr. Han became vice chairman and CEO of Samsung Electronics, and is also a member of the group’s board of directors.

In an internal notice sent to employees, Samsung Electronics expressed its condolences over the sudden passing of Mr. Han – who devoted 37 years to the development of the group.

In addition, Samsung Electronics also expressed gratitude for his tireless contributions in bringing the group’s TV business to the No. 1 position globally, as well as promoting the development of mobile devices and home electronics in the context of many internal and external challenges.

According to Reuters, the group is facing many difficulties as profits have declined and stock prices have fallen in recent quarters.

In addition, the group has also lagged behind rivals in advanced memory chips and contract chip manufacturing – areas that are benefiting from strong demand from AI projects. Not only that, Samsung has lost its leading position in the smartphone market to Apple of the US.