Hyundai Motor names Jose Munoz as CEO, first foreign leader

Jose Munoz has been appointed as chief executive officer at Hyundai Motor

Hyundai Motor Co named Jose Munoz as chief executive officer, making him the first foreigner to lead the South Korean automaker as it seeks to grow outside its home country.

Munoz, 59, joined Hyundai in 2019 as global chief operating officer, with responsibility for the carmaker’s north and south American operations. He previously worked at Nissan Motor Co. for 15 years, including a stint as chairman of its China unit.

The Spanish-born Munoz replaces Jaehoon Chang, who is being promoted to vice-chairman of Hyundai’s automotive division, the company said in a statement Friday. The changes are effective Jan 1, 2025.

Munoz will be tasked with leading Hyundai through a seismic shift in the global auto industry, which is grappling with a slowdown in the switch to electric cars. Asian battery maker stocks fell Friday after a report President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting electric-vehicle adoption. Hyundai’s popular Ioniq 5 EV is in on the list of vehicles that can qualify for the credit.

In other changes, Sung Kim was named president of Hyundai Motor and Jun Young Choi was promoted to president of sister company Kia Corp. Hyundai Chairman Euisun Chung will remain in his role.