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.
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.
