Samsung Electronics' co-CEO Han Jong-hee passed away from a heart attack. Jun Young-hyun is now the sole CEO. The company faces challenges in its memory chip business and expects a tough year ahead.

Samsung Electronics co-CEO Han Jong-hee passed away on Tuesday due to a heart attack, the company announced. Han had been with Samsung since 1988, dedicating much of his career to the television department. The company credited him with playing a crucial role in elevating Samsung TV to a leading position in the global market.

Han took on the role of CEO in 2022 and also oversaw the company's consumer electronics and mobile devices division. Despite his significant contributions, Samsung remains largely controlled by the founding family, with Lee Jae-yong currently serving as the third-generation leader and chief of its primary subsidiary, Samsung Electronics.

Following Han’s passing, Samsung stated in a filing on the stock exchange that Jun Young-hyun would now serve as the sole CEO. Notably, the company has typically operated with a co-CEO structure, and Jun's appointment as co-CEO had only taken place last week.

This development comes amid a challenging period for Samsung, particularly in its memory chip-making business. The company has been trailing behind competitors like SK Hynix and TSMC in the global market for artificial intelligence chips.

Back in October, Samsung acknowledged rising concerns about its "fundamental technological competitiveness and the future of the company." During a recent shareholder meeting, Han and other top executives warned investors to brace for a difficult year in 2025.