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Reading: Hyundai Motor picks first overseas CEO in reshuffle because it braces for Trump By Reuters
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Hyundai Motor picks first overseas CEO in reshuffle because it braces for Trump By Reuters
The Tycoon Herald > Business > Hyundai Motor picks first overseas CEO in reshuffle because it braces for Trump By Reuters
Business

Hyundai Motor picks first overseas CEO in reshuffle because it braces for Trump By Reuters

Tycoon Herald
By Tycoon Herald 2 Min Read
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SEOUL (Reuters) – Hyundai Motor (OTC:) named Jose Munoz, present U.S. chief and world chief working officer, as its new chief government officer on Friday, marking a uncommon appointment of a overseas nationwide to the highest put up at a significant South Korean conglomerate.

The present CEO Chang Jae-hoon is moved to the put up of Hyundai Motor Group Vice Chair overseeing the automotive division, the corporate mentioned in an announcement.

The appointments, which additionally embody Sung Kim, a former U.S. diplomat and a U.S. particular consultant for North Korea, as president of Hyundai Motor Firm (OTC:), are a part of the corporate’s purpose to “better prepare for uncertainties in the global business environment,” it mentioned.

Munoz, a Spanish native who has additionally been the CEO of Hyundai Motor America, has been credited with Hyundai’s elevated dedication to electrification and development in gross sales throughout a number of automobile sectors.

“Munoz is appointed as the first non-Korean CEO of Hyundai Motor … is expected to enhance the company’s global management systems and further elevate its stature as a leading global brand,” the South Korean automaker mentioned in an announcement.

The change on the helm of the world’s No. 3 automaker by gross sales along with affiliate Kia Corp comes as South Korean companies which have invested closely in america brace for President-elect Donald Trump’s second tenure.

There are at the moment three CO-CEOs at Hyundai Motor, together with Hyundai Motor Group Govt Chair Euisun Chung.

Hyundai Motor picks first overseas CEO in reshuffle because it braces for Trump By Reuters

On Friday, Reuters reported Trump’s transition workforce is planning to kill the $7,500 shopper tax credit score for electric-vehicle purchases as a part of broader tax-reform laws, citing sources with direct data of the matter.

Munoz joined Hyundai in 2019 and was previously thought of potential successor of Nissan (OTC:) Motor after the ouster of Chairman Carlos Ghosn.

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