Hyundai Motor has appointed José Muñoz, the company’s Chief Operating Officer (COO) and head of North America, as its first foreign CEO, drawing significant attention. This marks the first time in the company’s 57-year history that a foreigner has been appointed CEO.
Muñoz has significantly contributed to Hyundai’s record-breaking performance in the U.S. market. As CEO, he is expected to focus on solidifying the company’s status as a global brand.
According to industry sources, on Tuesday, Muñoz will deliver a presentation at the world premiere event for the Ioniq 9, which will take place in Los Angeles this week. During this presentation, he is expected to introduce the Ioniq 9 and outline Hyundai’s future direction for electrification. This event will be the first time Muñoz publicly shares his vision since being appointed CEO.
On November 15, during a reshuffle of the executive board, Muñoz was designated the new CEO. After a resolution at the board meeting next month, he will officially take on the role starting in January.
Muñoz will replace Vice Chairman Jang Jae Hoon as CEO, leading to a new executive lineup that includes Chairman Euisun Chung, CEO José Muñoz, and President Lee Dong Seok.
The appointment of Muñoz as Hyundai’s CEO has garnered considerable interest in the business world.
Most foreign CEOs working in South Korea are associated with foreign companies, and it is rare for a representative company like Hyundai to appoint a foreign national. As of last year, only three of the top 100 domestic companies by revenue had foreign CEOs: S-Oil (Anwar Al Hejazi), Doosan Bobcat (Scott Park), and Hanon Systems (Nurdal Kucukkaya and Nagasubramanian Ramachandran).
Additionally, there are foreign CEOs at unlisted companies like Hanwha TotalEnergies (Thierry Boulfroy) and the domestic entities of global automakers like GM Korea (Hector Villareal) and Renault Korea (Stephane Deblaise).
There is also considerable interest within the company regarding Muñoz’s appointment. Questions arise about whether Hyundai will adopt English names or require English reports, similar to other companies.
The location of Muñoz’s work is another topic of interest. While he could work from South Korea like previous CEOs, his track record of driving Hyundai’s record performance in the U.S. and the timing of his appointment—likely in anticipation of the second term of the Trump administration—suggest he may continue to spend considerable time in the U.S.
Industry sources have reported, “Since Muñoz was appointed as an inside director during the shareholder meeting in March, his office has already been set up at Hyundai’s heHyundai’ss in Yangjae-dong, Seoul.”
