Hyundai Motor Company has named José Muñoz as its first non-Korean chief executive officer in its 57-year history. (Image courtesy of Yonhap)
SEOUL, Nov. 20 (Korea Bizwire) – In a groundbreaking shift that signals South Korea’s gradual departure from its traditional corporate culture, Hyundai Motor Company has named José Muñoz as its first non-Korean chief executive officer in its 57-year history, marking a significant milestone for one of the country’s most prestigious companies.
The appointment of Muñoz, who currently serves as Hyundai’s Global Chief Operating Officer and head of North American operations, has drawn widespread attention both within South Korea and internationally. The decision is particularly noteworthy in a country where foreign CEOs remain a rarity among major corporations.
According to industry data, among South Korea’s top 100 companies by revenue, only three currently have foreign CEOs: S-Oil (led by Anwar Al-Hejazi), Doosan Bobcat (Scott Park), and Hanon Systems (jointly led by Nurdal Kucukkaya and Ramachandran Nagasubramony).
Several other foreign executives lead subsidiaries or joint ventures in South Korea, including Thierry Boulfroy at Hanwha Total Energies, Hector Villarreal at GM Korea, and Stephane Deblaise at Renault Korea. However, these companies are either local branches of multinational corporations or joint ventures with foreign firms.
“What makes Hyundai’s decision particularly remarkable is that it’s neither a subsidiary nor a joint venture, but one of Korea’s flagship corporations alongside Samsung Electronics,” said an industry insider, speaking on condition of anonymity due to the sensitivity of the matter.
The announcement has sparked considerable discussion within Hyundai, with employees raising questions about everything from language policies for internal reports to how Muñoz will communicate with the research and development division.
Of particular interest is where the new CEO will be based, as he currently resides in the United States. His final working location will be determined through discussions with Hyundai’s management team.
International automotive media have also taken note of the appointment. Automotive News highlighted the unprecedented nature of the decision, noting that Muñoz’s appointment as an internal director last year had already been considered unusual for a non-Korean executive.
The publication suggested that Muñoz will focus on improving Hyundai’s global management systems to strengthen its position as an international brand.
Foreign CEOs in South Korea typically either establish residences in the country or split their time between Korea and their home nations. This arrangement was highlighted earlier this year when S-Oil CEO Anwar Al-Hejazi’s father-in-law passed away, with the funeral services being held in Saudi Arabia.
“While Hyundai has established itself as a global brand, Korea’s corporate culture still largely adheres to traditional practices,” an automotive industry expert noted. “This appointment is both refreshing and revolutionary in that context.”
Muñoz’s appointment as CEO will be finalized at a board meeting next month, with his term set to begin in January 2025.
Kevin Lee (kevinlee@koreabizwire.com)
