Embraer CEO to step down
Embraer has announced its CEO Paulo Cesar Silva will step down from his position on the 22nd of April ahead of the completion of the Boeing joint venture deal.
Although no successor has been announced, Embraer notes a new CEO will be sourced externally and will join the company before Silva’s departure.
Boeing is set to take ownership of 80% of Embraer’s commercial aircraft division for $4.2 billion – a deal that was approved by the Brazilian government earlier this year, with shareholders approving soon after.
The goal of the takeover is to not only expand their product range, but to also compete with Airbus’ CSeries acquisition that now has the aircraft renamed to the A220 Family, which is being supported massively by Airbus.
Boeing and Embraer are confident the joint venture will see the Embraer E2 family of aircraft grow around the world with the added boost from Boeing.
Additionally, Boeing will be using the partnership to increase the potential for the new KC-390 military aircraft. Boeing will hold a 49% stake in the program, leaving Embraer with the remaining 51%.
Providing the process moves forward smoothly, Boeing aims to complete the deal by the end of this year.
