Hyundai Motor Company has appointed its first foreign chief executive officer (CEO) in an attempt to expand the company outside of South Korea and solidify its leadership in areas such as electrification.
South Korean automotive giant, Hyundai Motor Company (HMC), has appointed José Muñoz as its new president and CEO, effective from 1 January next year. He will be the first foreigner to lead the company and is expected to help it expand outside of South Korea.
Muñoz will be co-CEO, along with Euisun Chung and Lee Dong-seok.
He will be taking over from the current president and CEO Jaehoon Chang, who has now been promoted to vice chair of Hyundai Motor Group. Muñoz will be responsible for the company’s south and north American operations and will focus on building Hyundai Motor’s worldwide brand.
One of his key aims as the new co-CEO will also be to strengthen Hyundai Motor’s position in next-generation mobility. This includes more powertrain offerings, as well as electrification and hydrogen technology. He will also be focused on better executing Hyundai’s global vision, ‘Project for Humanity’, which takes a customer-focused approach.
Muñoz has been with Hyundai Motor since 2019, in roles such as president and global chief operating officer (COO), as well as president and CEO of Hyundai and Genesis Motor North America. As part of the Global Operations branch, he has also headed service, sales and product planning.
He has been instrumental in achieving record sales, better performance for both the Genesis and Hyundai brands and a higher market share.
Muñoz expected to help Hyundai navigate through increased global uncertainty
Muñoz’s new appointment comes at a time when the global automotive industry is dealing with increasing uncertainty, lagging demand, and higher costs for electric vehicle makers, in the form of tariffs.
As such, the change in leadership is expected to help Hyundai better prepare for these changing economic conditions, especially following Donald Trump’s reelection as US President, as well as increase global competitiveness.
Jaehoon Chang, the current president and CEO of Hyundai Motor Company (HMC), said in a press release on the company’s website: “Jose is a proven leader with vast global experience and is ideally suited to lead Hyundai as competitiveness and business uncertainty increases.
“As recently outlined at our CEO Investor Day, we have a clear Hyundai Way vision to create a future centered on mobility and energy. Together with Jose and the rest of our leadership team, the future is very bright for Hyundai.”
Muñoz also said in the press release: “It’s an honor to serve Hyundai, our employees, customers, dealers and other stakeholders in this new role. Succeeding in this challenging industry requires excellence throughout the value chain, from design and engineering, to manufacturing, sales and service, along with a talented team that’s able to deliver every step of the way.
“I’m excited and motivated by the challenge ahead and want to continue Hyundai’s growth trajectory and laser-focus on exceeding customer expectations. It truly is a great time to be with Hyundai.”
