Thursday, Embraer-Empresa Brasileira De Aeronautica SA (ERJ), a provider of jet and turboprop aircraft for civil and defense aviation, revealed that Antonio Luiz Pizarro Manso, Executive Vice President, Finance and Chief Financial Officer is consistent with his retirement plan. Subsequently, the company has elected Luiz Carlos Siqueira Aguiar to succeed him.
The company noted that the CFO appointment, as well as, several other changes in its organizational structure is expected to come into effect from January 1, 2009.
Luiz Carlos Siqueira Aguiar, currently Executive Vice President, Defense and Government Market, will be succeeded by Orlando Jose Ferreira Neto, currently, the Managing Director, Embraer Asia Pacific.
The Brazilian company also announced that Satoshi Yokota, Executive Vice President, Strategic Planning and Technology Development, who also has plans to retire, will be succeeded by Emilio Kazunoli Matsuo.
Emilio, currently Senior Vice President, Engineering, is expected to be named Executive Vice President, Technology, resulting from the integration of the present areas of Technology Development and Engineering, in that case, responsibility for Strategic Planning will be absorbed by the new CFO, Luiz Carlos.
Antonio Luiz Pizarro Manso and Satoshi Yokota are expected to take an active role in theses transition processes, and remain available for consulting services to Embraer, in their respective fields of expertise.
ERJ stock is currently trading down 4.03% at $27.84 on the NYSE.
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