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.

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.

Jose Muñoz, COO of Hyundai Motor Co. and CEO of Hyundai and Genesis Motor North America, will step into the top position at the global automaker at the start of the new year.

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. If confirmed, it will be a rare appointment of a foreign national to the top post of a major conglomerate in South Korea,