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By Heekyong Yang and Hyunjoo Jin
SEOUL (Reuters) -Hyundai Motor named Jose Munoz, present U.S. chief and international chief working officer, as co-chief govt officer on Friday, marking a uncommon appointment of a overseas nationwide to a CEO submit at a significant South Korean conglomerate.
The reshuffle on the helm of the world’s third-biggest automaker by gross sales when mixed with affiliate Kia comes as South Korean companies which have invested closely in the US brace for Donald Trump’s second presidency.
Management change will “improve international competitiveness” and assist “higher put together for uncertainties within the international enterprise surroundings,” the automaker mentioned in a press release.
Hyundai Motor (OTC:) at present has three co-CEOs. Munoz will be a part of Euisun Chung and Lee Dong-seok in addition to Chang Jae-hoon who may even turn out to be group vice chair overseeing the automotive division.
Sung Kim, a former U.S. diplomat who was a part of a staff helping President-elect Trump in his first time period at a summit with North Korean chief Kim Jong Un, was named president overseeing international exterior affairs.
Hyundai with Kia rank second in U.S. gross sales of electrical automobiles after Tesla (NASDAQ:). They’re bracing for what could possibly be big impression from Trump’s pledge to impose tariffs on imports and lower subsidies for EVs.
Trump has additionally floated the concept of imposing 200% tariffs on vehicles imported from Mexico, the place Kia operates a manufacturing web site.
Munoz, a Spanish native and U.S. citizen, joined the automaker in 2019 and was previously CEO of Hyundai Motor America. He has been credited with Hyundai’s elevated dedication to electrification and progress in gross sales throughout a number of classes.
“Munoz is appointed as the primary non-Korean CEO of Hyundai Motor… He’s anticipated to boost the corporate’s international administration techniques and additional elevate its stature as a number one international model,” the South Korean automaker mentioned.
“As CEO, Munoz will play a vital position in serving to the corporate navigate potential challenges posed by a second Trump administration,” Kiwoom Securities analyst Shin Yoon-chul mentioned.
Hyundai has employed a number of former South Korean diplomats lately to its “International Coverage Workplace” in a transfer extensively seen as readying for coverage uncertainty beneath a change in U.S. administration.
It introduced in Sung Kim as an adviser in January to “help Hyundai’s response to international commerce and coverage and exterior networking”.
Hyundai Motor has invested $12.6 billion to provide EVs and battery cells within the U.S. state of Georgia – its largest funding outdoors South Korea, spurred by incentives that got here with the incumbent administration’s push to shift extra of the EV provide chain to the US and away from Asia.
Nonetheless, Trump’s transition staff plans to finish a $7,500 shopper tax credit score for EV purchases as a part of broader tax reform laws, Reuters beforehand reported, citing sources.
Munoz was as soon as thought of a possible candidate to take the lead at Japan’s Nissan (OTC:) Motor after the ouster of Carlos Ghosn.
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