Botelho Quits as Embraer Chairman

Maurício Botelho
Maurício Botelho, who has resigned as Embraer's chairman
Thursday, January 19, 2012 - 11:15am

Maurício Botelho resigned as chairman of the board of Brazilian aircraft manufacturer Embraer “for personal reasons" on January 13. Vice chairman Hermann Wever will fill the top job until the company elects a new chairman. Botelho, who served as president and CEO of Embraer from 1995 to 2007, led its restructuring, growth and globalization efforts. The year before he took the helm, the company lost $330 million on revenues of just $250 million. By 1998, however, Embraer was recording profits and by April 2007, when Frederico Curado took over as president and CEO, revenues exceeded $5.2 billion and net income was $489 million.

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“"I've got a list of corporations that have gotten out of their airplanes [because of criticism from politicians]. It is the stupidest thing I've ever seen. When you look at the time and cost savings; it does not make sense not to fly [privately]. You can't let public perception interfere with your business decision to fly. It either is a good business decision or it isn't."”

-business aviation entrepreneur Nick Popovich