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

Hyundai Motor will name Jose Munoz, the current global chief operating officer, as its new chief executive officer later on Friday, a news report said, citing unnamed industry sources.

Hyundai Motor Group plans to appoint Jose Munoz as chief executive officer, making him the first foreigner to lead the automaker as it seeks to grow outside its home country, the Korea Economic Daily reported.

Hyundai Motor Co. on Friday promoted Jose Munoz, the company's global chief operating officer (COO), as its new CEO, appointing a foreign national to the top post for the first time since its foundation more than five decades ago.

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