Samsung Electronics announced that co-CEO Han Jong-hee has died of a heart attack, leaving newly-appointed boss Jun Young-hyun solely in charge as the company navigates its chip business challenges and trade uncertainties.

Han, 63, who became CEO in 2022, oversaw the consumer electronics and mobile devices division. His death was confirmed by a company spokesperson, stating that Han passed away at a hospital on Tuesday while being treated for cardiac arrest.

Jun, who was recently promoted to lead Samsung’s semiconductor division in 2024, was appointed as co-CEO last week. Following Han's death, Samsung said in a stock exchange filing that Jun would now be the company's sole CEO.

Samsung shares dropped 0.5% following the news, in line with the broader South Korean market. The company has been struggling with weak earnings and declining stock performance, having fallen behind competitors like SK Hynix and TSMC in the AI chip market.

Han had been with Samsung for nearly 40 years, making significant contributions to its television business. Analysts suggest his passing may have a lasting impact on the company’s business strategy, particularly in marketing.