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Hyundai Motor’s bold experiment has begun

Published: 26 Nov. 2024, 19:48

José Muñoz, the chief of Hyundai Motor’s U.S. operation and the company’s global chief operating officer set to become the first foreign national CEO of the Korean automaking conglomerate from January, vowed to leverage the ppalli, ppalli (fast, fast) and miri, miri (proactively, proactively) code of conduct to address to the fast-changing times. Ppalli, ppalli — a unique Korean habit of getting things done speedily — is embedded in Hyundai Motor culture, Muñoz said in an interview during an Los Angeles Auto Show on Nov. 21.

The ppalli, ppalli ethos helped drive Korea’s staggering progress, but not without accompanying negative outgrowths. As a result, Korea is now home to a myriad of regulations. Global trade and industrial prospects have become murky due to Trump 2.0. Moreover, technology is evolving at a dizzy pace due to AI. Korea’s competitiveness can be supercharged if its innate velocity is paired with readiness.

The governing People Power Party (PPP) has motioned a special act on the semiconductor industry, proposing to exempt the universal statutory 52-hour workweek for the research and development (R&D) work force in the chip sector. But the legislation is in limbo due to a negative response from the main opposition Democratic Party (DP). If regulations are not redressed to become up-to-date, companies cannot make headway or speed.

Foreign talents must be broadly used. Muñoz, a native of Spain and a U.S. citizen, had served in Toyota and Nissan before joining Hyundai Motor in 2019. Under his command, Hyundai’s North American operations have flourished. His promotion to groupwide co-CEO comes amid expectations of significant changes in the United States under Trump. An economy heavily reliant on external trade requires a global eye to survive in the global market. As seen with Elon Musk from South Africa and Jensen Huang from Taiwan, the United States relies on talents to drive its innovation-led economy regardless of their country of origin.

High-profile examples of foreign leadership are few in Korea — Guus Hiddink as the national football coach and now a CEO in a major conglomerate. Muñoz said he would be spending 70 percent of his time in Korea and 30 percent in the United States and elsewhere as desired by his boss and Hyundai Motor Chairman Euisun Chung. “Synchronization with employees by standing on the same ground is essential,” he said. The success of foreign CEO recruitment can depend on the domestic environment and mood as much as individual capabilities. The perspectives and communication style of a foreign CEO may not always match domestic styles, but efforts must go both ways. Hyundai Motor’s experiment with Muñoz should be a refreshing awakening for the rest of Korea Inc.