Hyundai has named its current COO, Jose Muñoz, as its new global co-CEO. He will take over from Jaehoon Chang in the new year. Chang will become vice chair of the company’s automotive division. Hyundai has three global CEOs.
Muñoz, a Spaniard, will be the first non-Korean to lead Hyundai Motor Company in its 57-year history.
He joined Hyundai in 2019 as global COO, with a second role as the president and CEO of Hyundai and Genesis in the US. In 2022, that role expanded across Europe, India, the Middle East and Africa.
Hyundai says Muñoz is a primary driver of its newfound profitability through efforts to optimise sales and manage margins. Under his guidance, Hyundai and Genesis have achieved record sales and financial performance in the North American market. However, Hyundai, the third biggest car maker globally, faces headwinds in the US, with Trump likely to impose tariffs and cut EV subsidies.
Formerly, Muñoz was with Nissan for fifteen 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.
Muñoz said: “It’s an honour to serve Hyundai, our employees, customers, dealers and other stakeholders in this new role.
“Succeeding in this challenging industry requires excellence throughout the value chain, from design and engineering, to manufacturing, sales and service, along with a talented team that’s able to deliver every step of the way.
“I’m excited and motivated by the challenge ahead and want to continue Hyundai’s growth trajectory and laser-focus on exceeding customer expectations. It truly is a great time to be with Hyundai.”
Outgoing CEO Jaehoon Chang praised Muñoz and said he is well placed “to lead Hyundai as competitiveness and business uncertainty increase”.
