Hyundai has appointed Chief Operating Officer Jose Muñoz as its new global CEO. He will take over on January 1 from Jaehoon Chang, who has been promoted to vice chairman of the company’s automotive division.
Born in Spain, Muñoz will be the first non-Korean to lead Hyundai Motor Company since its founding in 1967.
Muñoz joined Hyundai in 2019 and was appointed Global Chief Operating Officer of Hyundai, with a secondary role as President and CEO of Hyundai and the Genesis luxury brand in the US. In 2022, he was called up to the board of directors and that role expanded to Europe, India, the Middle East and Africa.
Hyundai touts Muñoz as one of the key drivers of its “profitability-oriented sales structure,” through its efforts to optimize volume and manage margins. Under his leadership, the Hyundai and Genesis brands achieved record sales, market share growth and financial performance in the North American market.
Muñoz previously held several senior positions in a 15-year career at Nissan, where he “delivered significant earnings growth and record sales,” according to Hyundai.
Muñoz’s appointment as CEO comes as Hyundai’s global electrification strategy gathers pace, with the new flagship Ioniq 9 set to break cover next week as one of more than two dozen electric cars it plans to launch by 2030.
Advancing Hyundai’s hydrogen propulsion ambitions will be another overriding priority for Muñoz, in line with the company’s commitment to provide a diversified global powertrain offering that meets different demands in different regions.
Under Muñoz, Hyundai will continue to invest in hydrogen as an alternative energy solution – in the context of passenger cars, commercial vehicles and industrial vehicles – and expand its global range of fuel cell vehicles, with a new Nexo in the near future whose styling has evolved from the bold Initium concept.
Muñoz said: “It is an honor to serve Hyundai, our employees, customers, dealers and other stakeholders in this new role. We thank our Executive Chairman Euisun Chung and Vice Chairman Jaehoon Chang for your trust.
“Succeeding in this challenging sector requires excellence across the entire value chain, from design and engineering to manufacturing, sales and service, together with a talented team capable of delivering every step of the way. I am excited and motivated by the challenge ahead and want to continue Hyundai’s growth trajectory with a strong focus on exceeding customer expectations. It really is a great time to be at Hyundai.
Outgoing CEO Jaehoon Chang praised Muñoz as a “proven leader with vast global experience” and said he is well-positioned “to lead Hyundai as competitiveness and business uncertainty increase.”