President Jang Jae-hoon Promoted to Vice Chairman
Jose Munoz COO Appointed as First Foreign Representative
Hyundai Motor Group revived the vice chairman system after three years by promoting Jang Jae-hoon, CEO of Hyundai Motor Company, to vice chairman. In addition, Jose Munoz, Hyundai Motor's Global Chief Operating Officer (COO), was appointed as CEO. This marks the first time in Hyundai Motor's 57-year history that a foreign CEO has been appointed.
This decision reflects the judgment that it is necessary to oversee the entire group of affiliates while promoting future new businesses such as electrification transition and hydrogen, as well as the fact that Hyundai Motor achieved its best performance in the global market this year, centered on North America. Hyundai Motor Group also expressed its intention to strengthen U.S. government relations by recruiting Sung Kim, former U.S. Ambassador to Korea, who joined as an advisor to Hyundai Motor earlier this year, as president in charge of external affairs.
President Jang Jae-hoon of Hyundai Motor Company (right) and Jose Munoz, Global Chief Operating Officer, are having a conversation at the CEO Investor Day last August. On the 15th, in Hyundai Motor Group's personnel announcement, President Jang was promoted to Vice Chairman, and COO Munoz was appointed as CEO. Photo by Yonhap News Agency
Hyundai Motor Group carried out major executive appointments, including these changes, on the 15th. The group has been conducting some executive appointments about a month ahead of the regular executive personnel reshuffle scheduled for mid to late December. The company explained, "While continuing the merit-based approach, we have boldly placed proven leaders as CEOs of affiliates to consolidate internal core competencies and prepare for increasing future uncertainties."
Newly appointed Vice Chairman Jang Jae-hoon, who took office as CEO at the end of 2020, was promoted after four years. He oversees the entire value chain of finished vehicle production, including product planning, supply chain management, Jeju operations, and quality. While previously focusing mainly on Hyundai Motor, a core affiliate, he will now oversee other finished vehicle and parts affiliates such as Kia and Mobis. The hydrogen business, which Jang has been driving, also involves major affiliates including Hyundai Motor, so his promotion to vice chairman will broaden his scope of activities.
The vice chairman position within Hyundai Motor Group was revived after three years since former Vice Chairman Yoon Yeo-cheol stepped down in 2021. During the time when Honorary Chairman Chung Mong-koo was at the helm, there were several vice chairmen within group affiliates, but all stepped down around the time Chairman Chung Eui-sun took office.
At the Georgia Night event held in Seoul last June, Jang Jae-hoon, President of Hyundai Motor Company, is giving a toast. Photo by Yonhap News.
Jose Munoz, the newly appointed CEO who joined Hyundai Motor in 2019, is regarded as a key contributor to the company's expansion in size and profitability. Since Munoz joined, Hyundai Motor has set record-high performances every year in North America, including the U.S. Recognized for his achievements, he was appointed COO in 2022, overseeing overseas operations excluding Korea, and joined the company's board of directors. The company stated, "We expect him to further advance the global management system and solidify Hyundai Motor's status as a global brand."
Since Munoz joined, Hyundai Motor's standing in the U.S. has risen year by year. In his first year, Hyundai Motor's North American sales were about 880,000 units, increasing to 1.08 million units last year. The share of North American sales in Hyundai Motor's global sales also rose from 19.9% to 25.7%. Sales have continued to grow steadily this year, and the company is expected to achieve its best-ever performance. Despite difficulties due to sluggish performance in China, Hyundai Motor Group managed to create a turning point, largely supported by strong U.S. results. It is evaluated that the company not only expanded its scale but also enhanced its brand status locally by focusing sales strategies on high-profit models.
Newly appointed President Sung Kim is a former U.S. diplomatic official who held key positions from the Bush administration through the Obama, Trump, and Biden administrations. While serving as an advisor to Hyundai Motor, he supported trade policy response strategies and external networking, and now officially joins as president. He will oversee global external cooperation, analysis of domestic and international policy trends, research, and public relations. The company expects him to enhance the group's think tank capabilities. This appointment will take effect from January 1 next year.
Former Ambassador Sung Kim to the United States in Korea. After joining Hyundai Motor Company as an advisor earlier this year, he was officially appointed as president in the Hyundai Motor Group personnel reshuffle on the 15th. Asia Economy DB
Along with this, Hyundai Motor Group also made appointments for affiliate presidents. Choi Jun-young, in charge of domestic production and chief safety and health officer at Kia, and Lee Kyu-bok, CEO of Hyundai Glovis, were promoted from vice presidents to presidents. President Choi was recognized for leading Kia to its best-ever performance, completing the electric vehicle dedicated plant, and achieving the integrated championship of the professional baseball team. President Lee was highly evaluated for improving financial soundness and enhancing competitiveness as part of future preparations.
Vice President Baek Cheol-seung of Hyundai Transys was appointed as the new CEO. He previously held key positions such as head of Hyundai Motor's Czech branch and purchasing headquarters. Given recent production disruptions caused by strikes, he is expected to focus on stabilizing labor-management relations. Oh Jun-dong, head of Kia's Electrification Production Center, was promoted and appointed as CEO (vice president) of parts affiliate Hyundai Kefico.
Lee Han-woo, head of Hyundai Construction's Housing Business Division (executive director), was promoted to vice president and appointed as CEO. He is tasked with diversifying the domestic and overseas business portfolio, including civil engineering and plants, while expanding investments focused on the energy sector. Additionally, Ju Woo-jung, head of Kia's Finance Headquarters (vice president), was promoted and will move to become CEO of another construction affiliate, Hyundai Engineering. Yeosu-dong, president of Hyundai Transys; Yoon Young-jun, president of Hyundai Construction; Yoo Young-jong, vice president of Hyundai Kefico; and Hong Hyun-sung, vice president of Hyundai Engineering, will be appointed as advisors and consultants.
Hyundai Motor Group stated, "This personnel reshuffle focuses on capabilities and performance to strengthen future competitiveness on a global scale. Through the regular executive personnel reshuffle scheduled for mid-December, we will continue bold personnel renewal based on performance as well as proactive nurturing and selection to strengthen mid- to long-term competitiveness."
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