The surprise appointment of Jose Munoz as the next chief of Hyundai Motor Co. strongly demonstrates the South Korean automotive giant's determination to thoroughly prepare for increasingly uncertain market conditions,

Hyundai Motor Co. named Jose Munoz as chief executive officer, making him the first foreigner to lead the South Korean automaker as it seeks to grow outside its home country.

Hyundai Motor named Jose Munoz, current U.S. chief and global chief operating officer, as co-chief executive officer on Friday, marking a rare appointment of a foreign national to a CEO post at a major South Korean conglomerate.