Hyundai appoints new CEO

Hyundai has announced that its current chief operating officer, Jose Muñoz, will step into the role of global co-CEO starting in the new year –– the first non-Korean to lead the company in its 57-year history.

He will succeed Jaehoon Chang, who will transition to the position of vice chair for Hyundai’s automotive division. Hyundai operates with three global CEOs.

Muñoz, a Spaniard, first joined Hyundai in 2019 as global COO, and has also served as president and CEO of Hyundai and Genesis in the United States. In 2022, his responsibilities expanded to include Europe, India, the Middle East, and Africa.

Hyundai credits Muñoz with driving its recent profitability by focusing on sales optimisation and margin management. Under his leadership, Hyundai and Genesis have reached record sales and financial success in the North American market.

Despite these achievements, Hyundai, the world’s third-largest automaker, faces challenges in the US, including potential tariffs and EV subsidy cuts under the Trump administration.

Formerly, Muñoz was with Nissan for 15 years during which time he also achieved growth in sales and profitability.

Muñoz’s term at the top of Hyundai coincides with its global electrification strategy. The company’s Ioniq 9 flagship is due out soon, one of more than 20 EVs it will launch before 2030.

Promoting hydrogen power will also be a priority for Muñoz. Hyundai will continue to invest in hydrogen as an alternative energy solution. And it intends to expand its global offering of fuel cell vehicles. Furthermore, a new Nexo is due out soon.