The co-founder of the e-commerce giant and leader of the platform’s Brazilian operation will step down as CEO on April 1, but will remain a strategic adviser to Mercado Libre after that date.
Tolda will be succeeded by Ariel Szarfsztejn, who is currently Mercado Libre’s senior vice president of shipping and previously served as vice president of strategy and corporate development at the company.
Meanwhile, Fernando Yunes, senior vice president of Mercado Libre, and Tulio de Oliveira, vice president of Mercado Pago, will lead the company’s Brazilian operation.
Founded in 1999 in Buenos Aires, Mercado Libre is the leading e-commerce company in Latin America. According to its latest financial report, the company posted revenue of $1.9 billion in its third quarter, representing a 72.9% year-over-year increase compared to the same period in 2020.
Mercado Libre has a presence in 18 countries, making it a major e-commerce partner for global brands like Guess, Adidas, Nike, Estée Lauder and L’Oréal in Latin America. Its active user base grew 3.4 percent year over year from 2020 to 2021, to 78.7 million.
Mercado Libre will invest $740 million in Brazil
Mercado Libre will invest $740 million in Brazil, in part to improve logistics and operations. The move is expected to create 5,000 jobs in São Paulo state and employ another 2,000 in other parts of the country by year-end.