SEOUL (Reuters) – Hyundai Motor (OTC:HYMTF) named Jose Munoz, current U.S. chief and global chief operating officer, as its new chief executive officer on Friday, marking a rare appointment of a foreign national to the top post at a major South Korean conglomerate.
The current CEO Chang Jae-hoon is moved to the post of Hyundai Motor Group Vice Chair overseeing the automotive division, the company said in a statement.
The appointments, which also include Sung Kim, a former U.S. diplomat and a U.S. special representative for North Korea, as president of Hyundai Motor Company (OTC:HYMLF), are part of the company’s aim to “better prepare for uncertainties in the global business environment,” it said.
Munoz, a Spanish native who has also been the CEO of Hyundai Motor America, has been credited with Hyundai’s increased commitment to electrification and growth in sales across multiple vehicle sectors.
“Munoz is appointed as the first non-Korean CEO of Hyundai Motor … is expected to enhance the company’s global management systems and further elevate its stature as a leading global brand,” the South Korean automaker said in a statement.
The change at the helm of the world’s No. 3 automaker by sales together with affiliate Kia Corp comes as South Korean businesses that have invested heavily in the United States brace for President-elect Donald Trump’s second tenure.
There are currently three CO-CEOs at Hyundai Motor, including Hyundai Motor Group Executive Chair Euisun Chung.
On Friday, Reuters reported Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, citing sources with direct knowledge of the matter.
Munoz joined Hyundai in 2019 and was formerly considered potential successor of Nissan (OTC:NSANY) Motor after the ouster of Chairman Carlos Ghosn.