Munoz, who joined Hyundai in 2019 as president of the North American operations, has been serving as the Global Chief Operating Officer.
The Spanish-born executive's term will begin at the start of next year. He will succeed Chang Jae-hoon, who has been promoted to vice chairman after leading the company since December 2020.
His promotion is seen as a strategic move aimed at strengthening Hyundai's response in the United States following former President Donald Trump's reelection.
"Through strengthening dealer competitiveness and driving profitability-focused management, he has continuously set record performance milestones for Hyundai Motor in North America," Hyundai said in a press release.
Sung Kim, an adviser who formerly served as the U.S. envoy on the North Korean nuclear issue and ambassador to Seoul, was named president of the group's think tank division to oversee global external affairs and policy research.
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