Embraer SA senior executives who had played key roles in the failed acquisition of the commercial aircraft division by Boeing are now leaving the company as a new restructuring strategy is put in place.
General Electric Aviation Big Win
The most prominent executive to leave Embraer is John Slattery who had served as Embraer president and CEO of Commercial Aviation. He has now been appointed General Electric Aviation new president and CEO-elect, replacing David Joyce who will retire after a 40 years career.
John Slattery had been credited with waging a decisive campaign to successfully develop and market Embraer’s E-Jet aircraft, a strategy that would set the stage for the now defunct $4.5 billion spin-off to Boeing. As the head of General Electric Aviation, he will, beginning on July 13, 2020 oversee “military jet engines and services as well as avionics, digital solutions, and electrical power systems for aircraft” according to asianaviation.com.
Other Embraer executives who had overseen the failed deal and are reportedly leaving the company are Nelson Salgado Chief Operations Officer (also a former CFO with 30 years in the company), Antonio Campello who led the EmbraerX innovation project partnering with Uber, Helio Bambini vice presidents for operations and Mauro Kern vice presidents for engineering
Embraer Restructuring Process
Embraer has appointed Arjan Meijer, as the new president and CEO of Embraer Commercial Aviation, replacing John Slattery. Meijer had previously served as Chief Commercial Officer of commercial aircraft from January 2017. He is now responsible for the “restructuring process” that has been initiated to re-integrate the commercial aviation unit into Embraer, as well as charting a new strategy after the failed sale to Boeing. For now, the services of acting CEO Gomes Neto have been retained to oversee the restructuring.
On April 25, Embraer published a statement bluntly accusing Boeing of wrongfully terminating the Master Transaction Agreement (MTA) a $4.5 billion sideshow created to obfuscate coronavirus financial turmoils and the fallout from the 737MAX fiasco. The statement goes further, leaving open the possibility of legal remedy.