Hyundai Motor to name global COO Jose Munoz as CEO, report says

SEOUL (Reuters) – Hyundai Motor (OTC:) will name Jose Munoz, the current global chief operating officer, as its new chief executive officer later on Friday, a news report said, citing unnamed industry sources.

If confirmed, it will be a rare appointment of a foreign national to the top post of a major conglomerate in South Korea, which continues to be controlled largely by the families of the founders.

Munoz has the confidence of Hyundai Motor Group’s Executive Chair Euisun Chung who believes the Spanish native is the right person to lead the company based on his track record of accomplishments in the U.S. market, the Korea Economic Daily newspaper reported, citing industry sources.

Hyundai Motor declined to comment on the report.

Munoz, who has also been the CEO of Hyundai Motor America, has been credited with Hyundai’s increased commitment to electrification and growth in sales across multiple vehicle sectors.

The change at the helm of the world’s No. 3 automaker by sales together with affiliate Kia Corp comes as South Korean businesses that have invested heavilty in the United States brace for President-elect Donald Trump’s second tenure.

On Friday, Reuters reported Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, citing sources with direct knowledge of the matter.

Munoz joined Hyundai in 2019 and was formerly considered potential successor of Nissan (OTC:) Motor after the ouster of Chairman Carlos Ghosn.