Hyundai Motor HYMTF has promoted Jose Munoz, its U.S. chief and global COO, to the position of co-CEO. This marks a historic moment as Munoz becomes the first foreign national to achieve such a rank within a major South Korean conglomerate. The decision is part of Hyundai’s strategic preparation for potential challenges that could arise under a second Trump administration.
What Happened: Munoz has played a crucial role in driving record sales for Hyundai in North America. He will now join three other co-CEOs, including Euisun Chung, the executive chair and grandson of Hyundai’s founder. Despite his elevation, Munoz will remain subordinate to Chung and Chang Jae-hoon, who is set to become group vice chair overseeing the automotive division.
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The leadership changes are aimed at enhancing Hyundai’s global competitiveness and preparing for uncertainties in the business landscape. Additionally, the automaker has appointed Sung Kim, a former U.S. diplomat, to manage global external affairs. Kim was a former U.S. diplomat and was part of a team assisting Donald Trump during his first term at a summit with North Korean leader Kim Jong Un.
Why It Matters: The appointment of Munoz comes at a time when the potential return of Trump to the U.S. presidency could significantly impact the automotive industry. According to a group of Wedbush analysts, a Trump win could hinder growth in the technology and electric vehicle sectors, potentially slowing the pace of the AI revolution.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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