Hyundai Motor has appointed Jose Munoz, its U.S. chief and global COO, as co-CEO, marking the first time a foreign national has held the title at a major South Korean conglomerate.
The move is seen as a strategic response to navigate potential challenges posed by a possible second Trump administration.
Munoz, credited with driving record sales for Hyundai in North America, joins three other co-CEOs, including executive chair Euisun Chung and president Chang Jae-hoon, who will take on a new role as group vice chair overseeing the automotive division. The leadership shift aims to enhance Hyundai’s global competitiveness and prepare for uncertainties in the international business landscape, the automaker stated.
The company also announced that Sung Kim, a former U.S. diplomat involved in past negotiations with North Korea, will oversee global external affairs.
His appointment is part of Hyundai’s broader strategy to address shifting U.S. policies, including Trump’s proposed tariff hikes and the potential elimination of EV tax credits, which could heavily impact Hyundai and Kia’s U.S. operations.
