Botelho Resigns as Embraer Chairman

 - January 17, 2012, 3:00 PM

Maurício Botelho, the president and CEO of Embraer from 1995 to 2007, resigned as chairman of the board at the Brazilian aircraft manufacturer “for personal reasons” on Friday. Botelho successfully led the company’s restructuring, growth and globalization, turning a money-losing operation into a profitable one. He also oversaw the company’s foray into building a successful line of business jets. According to the company’s articles of association, Hermann Wever, the current vice chairman of the board, will take over the chairmanship until a board general assembly can be called to elect a new chairman.