Today, Embraer SA, the Brazilian planemaker, announced that the Chief Executive Officer of the company, is set to step down from his position next month. The decision comes as it makes preparations to sufrrender control of its commercial aviation division to Boeing Co for an estimated $4.2 billion (3.2 billion pounds).
The firm said that Paulo Cesar Silva, the CEO of Embraer, is scheduled to step down on the 22nd of April and a new CEO will be announced by that time.
Silva assumed the top post at Embraer in June 2016 as the firm dealt with the fallout from a bribery probe in the United States of America. Prior to becoming the CEO of the company, he led the commercial plane division of Embraer.
In a statement, the chairman of board of Embraer, Alexandre Silva, stated: “Paulo Cesar conceived of the partnership with Boeing and led the negotiating process of the transaction.”
The company has defended the Boeing tie-up as being crucial to the long-term survival of Embraer, as Airbus SE and Boeing grab more market share and the aerospace supply chain consolidates.
The company said that Silva has been offered to become a consultant until the deal with Boeing closes officially. The deal is still waiting for the approval of regulators across the globe.