Hyundai Motor has appointed José Muñoz, head of U.S. operations and global chief operating officer, as its first foreign CEO, marking the first time a major South Korean company has appointed a foreign CEO. The announcement, made on Nov. 15, is part of the company’s year-end management reshuffle, which also promoted Chang Jae-hoon, Hyundai’s current CEO, to vice chairman of Hyundai Motor Group, effective Jan. 1, 2025. This marks the return of the professional manager role under Hyundai Group Chairman Chung Eui-sun. Sung Kim, Hyundai Motor Group adviser and former U.S. Ambassador to Indonesia during the first Trump administration, was also appointed president of Hyundai Motor. The reshuffle is seen as a proactive strategy to address the challenges facing the global auto industry due to Trumpism, including potential subsidy cuts and tariffs under U.S. President-elect Trump’s second term, while accelerating Hyundai’s expansion in overseas markets, particularly the U.S.
Chang will oversee Hyundai’s entire vehicle operations value chain, including product planning, purchasing, quality control, and manufacturing. Muñoz, who will take over as the automaker’s new president and CEO, will focus on expanding Hyundai’s presence in both domestic and international markets, with a strong emphasis on North America.
Hyundai’s decision to appoint its first foreign CEO reflects the company’s global sales strategy, with over 80% of total sales coming from international markets, and more than 20% from the U.S. From January to October this year, Hyundai sold around 3.45 million vehicles, with 2.87 million units sold overseas. U.S. sales alone surpassed 740,000 units. One industry insider noted, “The appointment of a foreign CEO is an innovative move that other companies will closely watch.”
