On November 15th, Hyundai Motor Group announced its executive reshuffle, with key changes including the promotion of Jang Jae-hoon to vice chairman of Hyundai Motor and the appointment of José Muñoz as CEO of Hyundai Motor. Jang, who has been a close associate of Hyundai Motor Chairman Chung Eui-sun, became the first to be promoted to vice chairman since Chung’s inauguration. This move is interpreted as reinforcing Chung’s direct control, emphasizing talent and performance-based decisions.
Muñoz, who became the first foreign CEO in Hyundai’s 57-year history, has been instrumental in driving excellent performance in North America, the company’s largest market. His appointment and that of Sung Kim, a former U.S. diplomat, as president in charge of global security and policy, reflect the company’s intent to better manage international uncertainties heightened by Donald Trump’s presidential election.
Under Jang’s leadership, Hyundai achieved its highest sales and operating profit in 2021, establishing a solid foundation for its global positioning. Jang is credited with navigating geopolitical risks and advancing Hyundai’s transition to electrification during challenging times, such as the COVID-19 pandemic and the Ukraine war. This success led to his promotion to vice chairman, reviving the position after it became vacant three years ago.
The promotion strategy focused on performance extends to other executives, such as Cho Jun-young of Kia and Lee Kyu-bok of Hyundai Glovis, who have been recognized for their contributions to significant accomplishments in production efficiency and financial health. Conversely, executives of Hyundai Construction and Hyundai Engineering facing challenges in the construction industry downturn were replaced, indicating a strong preference for results-driven leadership.
New appointments have been made to strengthen Hyundai’s future competitiveness, including Baek Cheol-seung as the new CEO of Hyundai Transys and Oh Jun-dong at Hyundai Kefico. These changes highlight Hyundai’s commitment to addressing global challenges and securing its competitive edge through capable leadership.