Samsung mourns co-president
Samsung Electronics announced the death of its co-president Han Jong-Hee, who passed away from a heart attack. Han, who was 63 years old, led the digital devices division and the device experience unit.
Han Jong-Hee joined Samsung Electronics in 1988, and in 2011, he became the head of the product research and development team in the visual display division.
Samsung's co-president has died
In 2022, he assumed the position of CEO. According to CNBC, Han contributed to Samsung's global success in the television industry and to the company's growth in challenging market conditions.
Han was one of the four executive directors on Samsung's board. A week before his death, he led the annual general meeting of shareholders in Suwon, South Korea, where he addressed questions about the company's weak stock market performance. Samsung has announced that Jun Young-Hyun, who was appointed co-CEO last November, will now become the sole CEO.
Last year, Samsung changed the leadership of its memory and semiconductor divisions in response to increasing competition in the semiconductor industry. Jun Young-Hyun was then appointed co-CEO.
Samsung loses 32%
The South Korean technology giant Samsung Electronics announced that the projected operating profit for the fourth quarter of 2024 will be 6.5 trillion won (approximately $5.8 billion CAD), significantly below analysts' expectations of 7.7 trillion won.
Shares of Samsung, the most valuable company in South Korea, lost 32% last year, significantly more than the 10% drop in the main stock index. However, the stock price rose by 0.72% following the release of preliminary results, which may suggest that investors had already factored in the company's poorer prospects.
