Hyundai Motor Co. on Thursday named Jose Munoz as the next president and CEO of the South Korean automaker, effective Jan. 1.

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 has named Jose Munoz, its U.S. chief and global chief operating officer, as co-CEO, the first appointment of a foreign national to that rank at a major South Korean conglomerate.