Hyundai Motor Company has bolstered its global expertise by adding global chief operating officer Jose Munoz to the board of directors. The proposal to add Munoz to the board was approved at the 55th general shareholder's meeting. Munoz, who has 30 years of experience in the global auto industry, joined the Korean company in May 2019.

He has played an integral role in securing Hyundai Motor's competitiveness on the global stage and logging upbeat performances despite difficult environments such as the COVID-19 pandemic and shortage of semiconductor supply. As the global COO, Munoz is in charge of optimizing Hyundai Motor Company's sales and production operations across the world as well as advancing its business strategies. It expects Munoz to help ease global uncertainties as a member of the board.

Meanwhile, Chang Jae-hoon, CEO of Hyundai Motor Company, told the shareholders the company expects to face many obstacles this year such as slowing demand for cars due to prolonged economic recession and high interest rates, reorganization of the global supply chain and unstable supply of raw materials.