Samsung Electronics co-CEO Han Jong-Hee dies aged | Australian Markets
Samsung Electronics has introduced it’s co-chief govt Han Jong-Hee has died.
The electronics giant made the shock announcement on Wednesday after Mr Han suffered a coronary heart assault on Tuesday, later dying in hospital.
Mr Han was in charge of Samsung’s shopper electronics and cellular units division, whereas co-CEO Jun Young-hyun oversees the chip business of South Korea’s largest company.
Mr Han handed away at a hospital on Tuesday whereas being handled for cardiac arrest, a company spokesperson mentioned, including that a successor had not but been determined.
Samsung Electronics shares have been flat in morning trade.
The South Korean firm has been affected by weak earnings and sagging share costs in current quarters after falling behind rivals in superior reminiscence chips and contract chip manufacturing, which have loved robust demand from AI initiatives. Samsung has additionally ceded its smartphone market crown to Apple.
Mr Han, who joined Samsung Electronics almost 40 years in the past, constructed his profession within the TV business. He grew to become vice chairman and CEO of Samsung Electronics in 2022. Mr Han was additionally one of the company’s board members.
He chaired Samsung’s shareholder assembly final week, the place he and different executives have been grilled by shareholders after the company’s failure to experience an artificial intelligence increase made it one of the worst-performing tech stocks final 12 months.
In semiconductors, Samsung lags behind SK Hynix in HBM chips that Nvidia (NVDA.O), and others depend on for AI graphic processing items.
“First and foremost, I sincerely apologise for the recent stock performance not meeting your expectations. Over the past year, our company failed to adequately respond to the rapidly evolving AI semiconductor market,” Mr Han mentioned.
He was scheduled to attend Samsung’s launch occasion for new home home equipment on Wednesday.
– With Reuters
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