Hyundai Motor Appoints Jose Munoz as CEO: First Foreign Leader to Succeed Jaehoon Chang
José Muñoz Becomes Hyundai’s First Foreign CEO
Hyundai Motor announced on Friday the appointment of its current COO and Americas CEO, José Muñoz, as its new global CEO. This marks a significant milestone, as Muñoz becomes the first foreign leader to head the South Korean automaker.
Leadership Transition
José Muñoz, 59, joined Hyundai in 2019 as the Global COO and Head of North and South American Operations. Previously, he worked for 15 years at Nissan Motor Company, where he held various leadership roles, including Chairman of the China unit.
The company’s statement confirmed that Muñoz will replace Jaehoon Chang, who has been promoted to Vice Chairman of the Automotive Division. This leadership transition will take effect on January 1, 2025.
Challenges Ahead: Hyundai’s EV Transition
José Muñoz will take charge during a transformative phase for the global auto industry, as Hyundai strives to accelerate its shift to electric vehicles (EVs). The transition has faced slowdowns, adding complexity to his leadership role. Meanwhile, Sung Kim has been appointed as Hyundai Motor’s Chairman.
Hyundai India: Profit Declines in Q2 FY24
Hyundai Motor India reported a consolidated net profit of ₹1,375 crore for the second quarter of FY24, marking a 16.5% decline compared to ₹1,628 crore in the same quarter last year.
The company’s operational revenue for Q2 FY24 stood at ₹17,260 crore, a 7.39% decrease from ₹18,639 crore in Q2 FY23. These figures were part of Hyundai India’s first quarterly results disclosure since its BSE-NSE listing on November 12.
Future Prospects
With José Muñoz at the helm, Hyundai Motor is poised for a transformative journey, navigating challenges in the EV market while maintaining its global leadership in the automotive industry.
